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How the world has changed! Only a year ago, so much of the world’s highest quality sovereign and quasi-sovereign fixed income was still submerged in negative yield territory, or at best still offering insignificant yields. The yield on the benchmark 10-year Treasury was hovering around 3.8% on October 5, and the policy-sensitive 2-year Treasury yield was about 4.2%. By comparison, the 10-year yield was a mere 0.53% in mid-2021 and only a shade over 70 basis points in early October 2021.

Since the Northern Hemisphere autumn of 2021, stock prices have also fallen – the S&P hit its lifetime high of over 4700 in December 2021 and was by October 10 this year trading at only just over 3612, in other words down more than 23% from in less than 10 months.

Of course, inflation, rising rates, the end of QE, fears over the Russia invasion of Ukraine and other geopolitical concerns are all driving more and more analysts to recalculate their predictions on whether a deep and long recession will result, or if the developed world can steer their economies towards a short recession and then a resumption of growth.

On the plus side, Covid appears to be on the wane, at least in its most sinister guise, and the emerging market economies are dancing largely to somewhat different tunes, as the leading EM economies transition to more domestically driven GDP and more intra-regional activity, for example within the vast Asian region.

But what does all this mean for private investors? Should they be recalibrating their portfolios towards fixed income significantly, or perhaps more cautiously in light of potentially further major interest rate hikes to come? Should they be buying more ‘yield’ and ‘value’ equities whilst prices are depressed, or are there further falls in store in the major indices and could the combination of inflation, higher rates and weaker economies cause dividends to stagnate or fall? And what about DM vs EM fixed income and credit? Or DM vs EM equities and yield stocks? And how about China?

Should investors also be looking at cleverly devised structured products as instruments to help elevate yields while providing access to either downside protection or upside potential, or both? Are the private markets the right place to go for HNW and UHNW investors in their quest for yield and income? Should private clients be investing through active funds, or ETFs, or directly by asset picking, or a combination of all these approaches? Does ESG-centricity help in this search, and if so, how?

Our hand-picked panel of experts will briefly review the current global economic and financial situation and outlook and seek to analyse where and how Asia’s private clients can locate sustainable yield and income in challenging and uncertain times.

Nov 10

The Search for Income & Yield in Challenging Times

3.00pm - 4.00pm HKT/SGT

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Senior figures in Asian Wealth Management are speaking at this event

Barbara Lee

CSOP Asset Management

Adam Cowperthwaite

Citi Private Bank

Gregoire Mivelaz

GAM Investments

Harmen Overdijk

Leo Wealth

Noli de Pala

TriLake Partners

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Event Agenda
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  • 3.00pm

    The Search for Income & Yield in Challenging Times

    • What is happening to interest rates and fixed-income yields globally, and what is the outlook?
    • What is the trade-off between short-term and longer-dated paper in the fixed-income markets?
    • What role should leverage play in Asia’s HNW and UHNW fixed-income portfolios in the current environment?
    • Overall, what sort of allocations to fixed income do panel members recommend in this environment?
    • Should investors be looking at DM or EM for fixed income yield or a combination of the two? Why?
    • What is happening to equities, corporate profitability and dividends, and what is the outlook?
    • Should investors be looking at DM or EM for dividend income or a combination of the two? Why?
    • Overall, what sort of allocations should wealthier private clients be considering towards dividend stocks?
    • Should Asia’s investors be stocking up on REITs, and in which segments of the property sector, for example, targeting logistics and broadly diversified trusts, or rotating back into offices, retail and hospitality as the prospects of normality return?
    • Should HNWIs and UHNWIs in Asia be allocating more of their yield and income portfolios to EM, especially to Asia?
    • What about the prospects for yield and income from structured products and other more esoteric investment structures?
    • Are ETFs or active funds the right way to play fixed-income and dividend stocks, and why?
    • Do the private markets offer better opportunities to earn income or are the public markets more prolific, and why?
    • Specifically, what interesting opportunities do private markets offer currently?
    • What opportunities for yield and income are there within Asia itself, for example in the vast and rapidly opening Chinese fixed-income market, or amongst the historically strong dividend-yielding corporations in the region?

    Speakers

    Barbara Lee

    Vice President, ETF Strategist

    CSOP Asset Management

    Adam Cowperthwaite

    Head of Markets, Citi Global Wealth APAC

    Citi Private Bank

    Gregoire Mivelaz

    Fund Manager and member of Atlanticomnium’s Management Committee

    GAM Investments

    Harmen Overdijk

    Chief Investment Officer

    Leo Wealth

    Noli de Pala

    Chief Investment Officer

    TriLake Partners

  • 4.00pm

    Webinar Ends

Nov 10

The Search for Income & Yield in Challenging Times

3.00pm - 4.00pm HKT/SGT

Speakers

Barbara Lee

CSOP Asset Management

Adam Cowperthwaite

Citi Private Bank

Gregoire Mivelaz

GAM Investments

Harmen Overdijk

Leo Wealth

Noli de Pala

TriLake Partners

Nov 10

The Search for Income & Yield in Challenging Times

3.00pm - 4.00pm HKT/SGT

Partners
Nov 10

The Search for Income & Yield in Challenging Times

3.00pm - 4.00pm HKT/SGT