Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT
Markets & Economy

China Update: From Lockdown to Slowdown

Lei Wang, CFA
Portfolio Manager and Managing Director
27 Apr 2022
14 min listen

Thornburg Portfolio Manager Lei “Rocky” Wang provides an update on China, including the lockdown of Shanghai and its economic impact.

Read Transcript
China Update: From Lockdown to Slowdown

Lei Wang: Shanghai is one of the largest a shipping center or the world’s largest container port in the world. And if definitely this is currently, we see some disruption of a global supply chain if things cannot ship that Shanghai to the cross Pacific into this country, I think they’re just definitely adding more fuel to the inflation fire from here.

Craig Blessing: Hi and welcome to another episode of Away from the Noise Thornburg Investment Management’s podcast on key investment topics, economics and market developments of the day. I’m Craig Blessing, Client Portfolio Manager for International Equity at Thornburg and I’ll be your host. Joining us today is Lei Wang Rocky, a managing director and portfolio manager for International Equity and International Equity ESG Strategies.

Rocky grew up and went to university in Shanghai and worked for China’s central bank before coming to the U.S. and joining Thornburg in 2004. So Rocky, it’s been a pretty news-filled year so far both globally and in China but something which has obviously been big news is the Omicron outbreak in China and the lockdown of 25 million people in Shanghai.

What are you hearing about how things are progressing?

Lei Wang: Thank you Craig. My hometown Shanghai I just said to 25 million big cities like a one that was European countries in Europe. It’s a very chaotic situation over there. And right now, last night ourselves the 20,000 plus cases on the daily basis infection cases and still rising and whole residents whole population are locked down at home.

I just want to give a different flavor here. You know in the US we have a lockdown, but you know all the house can over a spread out is a big country people living with a quite a distance from each other but in Shanghai which is big city most people living their high-rise intensive kind of condo residential format that makes this disease more likely spread quite fast than probably you saw here the U.S. last year.

So, second is the local grassroots level managing this crisis. I would say incompetent you know is like the put all as the daily operation in the hands of HOA equivalent in the U.S. that is 25 million people, they need food and they need grocery their pets need food the senior people in the hospital, there’s things over there just so unprepared before this happened.

I think that’s something the Chinese local government probably need a dear lesson will pay a dear price for things like this.

Craig Blessing: So, there’s also been news here about a little bit of objection on the part of the population to the lockdown, which is now rocky what, four weeks, you said. So there’s been news here that there’s been some backlash against the lockdown and there’s certainly been news in the West about the potential market ripples of this lockdown in China.

What economic and political impacts do you think this will have in the long run? And is China going to have to back down on its zero COVID policy?

Lei Wang: That’s very good questions. And then this is for some part I do not answer at this moment. But, you know, based on what we witness in this country, I think I believe, and I’m think and the cases in China, in Shanghai, will inevitably decline just as we were also witnessed here in the U.S. Second, hopefully, is all we think will contain within Shanghai.

Another spread in the other part of China. And that could be pretty good headache for the local politician. And in the long run, I think inevitably, I think in China, the so-called herd immunity will achieve. And I think that will probably trigger some relief for the Chinese. Such harsh COVID policy. Yeah, definitely. This is a consequence of the current situation in Shanghai.

Don’t forget, Shanghai is one of the largest a shipping center or the world’s largest container port in the world. And if definitely this is currently, we see some disruption of a global supply chain if things cannot ship that Shanghai to the cross Pacific into this country, I think they’re just definitely adding more fuel to the inflation fire from here.

So, there’s something we should be recognize and monitor closely. And in the near-term or short term, you probably see some dramatic slowing down the China GDP growth or even confusing hard lending. But our quantify it as a short term by the long term consequence is you’ll probably continue to say so-called acceleration in a global reshoring to other emerging markets and even to home countries like here in the States or in Europe.

Craig Blessing: So, what has been big news in the West is the conflict in Ukraine. How is it being covered in China? And do you think there’s the potential for an economic or political impact to China from the conflict?

Lei Wang: Yeah, that’s another good one. And like impact on other countries and economic ramification similar to China is as well. Such a high energy cost and a growing import disruption and other critical parts related industrial supply disruption as well. And in terms of China media, local coverage I would say for the most apart their opinion are pretty neutral. And don’t forget that China has very close relationship with both Russia and Ukraine.

And both countries are exported to China in terms of industrial equipment, agriculture, and the Ukraine even host one of the largest oversea Chinese students study in Ukraine. So hopefully with a status like this, I believe maybe China could play a so-called peacemaking role in the middle and help things de-escalate for both Ukraine and Russia. And that’s a good for everyone.

[At the] end of the day, don’t forget, yes, the Chinese definitely need a very steady, dependable energy supply from countries like Russia or other countries. But the Chinese politician also recognize they need to find the balance between, let’s say, and the U.S. and the Europeans are still the major destination, than Chinese exports. They are actually the largest Chinese largest trading partner in terms of trading volume with a Europe and the U.S.

So, I would say they’re peaceful, a stable world, actually, is in the best interest of China. Don’t forget, Chinese economy overall is still a so-called mercantile economy. So, a very good stable, steady world set ups is good for the best interest of China.

Craig Blessing: Many in the West, including many of our clients, give a high probability of a Chinese invasion of Taiwan at some point. From our conversations, I know you give it a lower probability than most. Why is that?

Lei Wang: Politicians make their decision based on their intelligence or ideology. Sometime could be quite different from other conclusions. So, let’s just put that in a context. So, yes, my answer is yes. Based on my own assessment, I think it’s a low probability of China invading Taiwan. Now, I’ll give you three reasons. The first one, I would say military value, right?

You know, Ukraine I think for most part maybe serve as a military conflict buffer zone between the Russia and NATO and given the Ukraine, the mass size is one of the largest country in the Europe by the Taiwan, you know, on the other hand, is very small country is like what size is that like 36,000 kilometer square and does one with a 23 million people.

So, the size the country doesn’t have that kind of so-called military value as a buffer between China or any potential rival. So, from that perspective is a low probability. Second, economic value, right. Taiwan, GDP’s close to 750 billion U.S. dollars or 33,000 U.S. dollars per capita. And the Ukraine is just like a 20% of that are so smaller in economic size and the Taiwan yes, we all recognize Taiwan is one of the top players or leader in the global semi technology or equipment is exporter driven economy not energy-driven versus Ukraine heavily depending on like energy fertilizers for crops, so I assume I hope not, China take over Taiwan. What they can get other things, right, is if the moment they do it likely China probably will be punished by the so-called global sanctions, and they can sitting on a bunch of other foundries or factories. But what can they get other things so they can sell anything to the rest of world.

So, I would call this a losing situation. So, there’s a second reason, third timing-wise, as I mentioned earlier, China current is struggling with a very sluggish economy growth and the consumption is weak, property is in a bubble and you know, if you’re the politician, you probably don’t want to launch any kind of military activity then you yourself are plagued by most serious matters at home. And so that’s something I think the window of so-called elevated of military action is a very low it’s not there at all. So that’s the third reason. So net-net, I would say, low probability for China invading Taiwan.

Craig Blessing: Since its peak in February 2021 Chinese markets are down 44% while international markets are down just 6% and the S&P 500 is actually up 16%. That’s a pretty big performance gap. Do you think China’s markets are cheap and if not what do you think you would have to see for them to be an opportunity?

Lei Wang: I checked the Chinese stock index level valuation using MSCI China index is trading around ten times forward multiple. That’s almost like 6-7 years new low for the past 6-7 years optically cheap you’re right. But, you know, I want to caution our audience, the earnings from here probably will have to face some kind of downward adjustment and actually so the actual PE may not as achieve as optically if just by earnings.

Just to give you historical context and bottom multiple for the Chinese index is around eight times which happened around 11 years ago. So that’s something just keep that in mind. And I think those things could be a long term a host of Russia and the Ukraine situation I think probably the Chinese stock as asset class maybe will be scrutinized by many international pensioner or investors and so this is some heavy cloud in the sky including as I mentioned the earlier the so called a regionalization a global supply chain or you some people call reshoring or onshoring and second I think to jumpstart the Chinese economy from here you need a quite effective stimulus what could be export no I think is and is not beyond is beyond the China’s control is really dependent that the other countries that are consumer demand. Fix asset investment? I think that’s probably China overbuilt a lot of capacity and the return of those of a fixed asset investment just low and consumption currently is heavily plagued by the COVID policies, so it’s not a kind of optimistic in the near term and another data point, China GDP is run 18 trillion U.S. dollars make the Chinese second largest economy or $10,000 a per capita basis.

You know China is no more the same China as ten years ago even 20 years ago it just the sheer size of the economy is huge. So any policy to be effective need to be very thoughtful very effective to make things work. So net, net I want to sound cautious but again I think it is in this environment you can always find interesting stock and opportunity and a risk in my opinion always is always hand in hand so that’s gave us opportunity if any interesting market correction happen and definitely there’s a great opportunity for us.

Craig Blessing: And a wrap up question. So, what would you have to see in the market or the economy that might make you change your mind and turn more bullish on China?

Lei Wang: This year when the US tightening, China definitely is a loosening on a credit extension. Monetary policy, credit policy. I want to see the sustainable availability of credit into the real economy. I want to see the Chinese M2. The money supply numbers have a solid recovery or even on the high end of the growth. I think that will help the real economy.

Second, that definitely I will see some fine tuning of the Chinese COVID policy I just said the three driver China economy grows: export, beyond other control; fix asset investment, already overbuilt; The only thing left for the Chinese as a policy tool is trying to jumpstart the consumption, but the consumption is heavily impacted by the mobility of the population.

So, if any fine-tuning Covid or improvement in Covid aging in China apparently will see some pent-up demand from the consumer size that definitely how China stabilize the economy from here.

Craig Blessing: Thank you Rocky.

Lei Wang: Thank you for having me here.

Craig Blessing: And thank you for listening you can find us on Thornburg.com/podcasts as well as on Apple Podcasts where you can rate subscribe and review us. Please join us again soon for the next episode of Away from the Noise. And thanks again.

Lei Wang: Shanghai is one of the largest a shipping center or the world’s largest container port in the world. And if definitely this is currently, we see some disruption of a global supply chain if things cannot ship that Shanghai to the cross Pacific into this country, I think they’re just definitely adding more fuel to the inflation fire from here.

Craig Blessing: Hi and welcome to another episode of Away from the Noise Thornburg Investment Management’s podcast on key investment topics, economics and market developments of the day. I’m Craig Blessing, Client Portfolio Manager for International Equity at Thornburg and I’ll be your host. Joining us today is Lei Wang Rocky, a managing director and portfolio manager for International Equity and International Equity ESG Strategies.

Rocky grew up and went to university in Shanghai and worked for China’s central bank before coming to the U.S. and joining Thornburg in 2004. So Rocky, it’s been a pretty news-filled year so far both globally and in China but something which has obviously been big news is the Omicron outbreak in China and the lockdown of 25 million people in Shanghai.

What are you hearing about how things are progressing?

Lei Wang: Thank you Craig. My hometown Shanghai I just said to 25 million big cities like a one that was European countries in Europe. It’s a very chaotic situation over there. And right now, last night ourselves the 20,000 plus cases on the daily basis infection cases and still rising and whole residents whole population are locked down at home.

I just want to give a different flavor here. You know in the US we have a lockdown, but you know all the house can over a spread out is a big country people living with a quite a distance from each other but in Shanghai which is big city most people living their high-rise intensive kind of condo residential format that makes this disease more likely spread quite fast than probably you saw here the U.S. last year.

So, second is the local grassroots level managing this crisis. I would say incompetent you know is like the put all as the daily operation in the hands of HOA equivalent in the U.S. that is 25 million people, they need food and they need grocery their pets need food the senior people in the hospital, there’s things over there just so unprepared before this happened.

I think that’s something the Chinese local government probably need a dear lesson will pay a dear price for things like this.

Craig Blessing: So, there’s also been news here about a little bit of objection on the part of the population to the lockdown, which is now rocky what, four weeks, you said. So there’s been news here that there’s been some backlash against the lockdown and there’s certainly been news in the West about the potential market ripples of this lockdown in China.

What economic and political impacts do you think this will have in the long run? And is China going to have to back down on its zero COVID policy?

Lei Wang: That’s very good questions. And then this is for some part I do not answer at this moment. But, you know, based on what we witness in this country, I think I believe, and I’m think and the cases in China, in Shanghai, will inevitably decline just as we were also witnessed here in the U.S. Second, hopefully, is all we think will contain within Shanghai.

Another spread in the other part of China. And that could be pretty good headache for the local politician. And in the long run, I think inevitably, I think in China, the so-called herd immunity will achieve. And I think that will probably trigger some relief for the Chinese. Such harsh COVID policy. Yeah, definitely. This is a consequence of the current situation in Shanghai.

Don’t forget, Shanghai is one of the largest a shipping center or the world’s largest container port in the world. And if definitely this is currently, we see some disruption of a global supply chain if things cannot ship that Shanghai to the cross Pacific into this country, I think they’re just definitely adding more fuel to the inflation fire from here.

So, there’s something we should be recognize and monitor closely. And in the near-term or short term, you probably see some dramatic slowing down the China GDP growth or even confusing hard lending. But our quantify it as a short term by the long term consequence is you’ll probably continue to say so-called acceleration in a global reshoring to other emerging markets and even to home countries like here in the States or in Europe.

So, the big news in the West is the conflict in Ukraine. How is it being covered in China? And do you think there’s the potential for an economic or political impact to China from the conflict?

Lei Wang: Yeah, that’s another good one. And like impact on other countries and economic ramification similar to China is as well. Such a high energy cost and a growing import disruption and other critical parts related industrial supply disruption as well. And in terms of China media, local coverage I would say for the most apart their opinion are pretty neutral. And don’t forget that China has very close relationship with both Russia and Ukraine.

And both countries are exported to China in terms of industrial equipment, agriculture, and the Ukraine even host one of the largest oversea Chinese students study in Ukraine. So hopefully with a status like this, I believe maybe China could play a so-called peacemaking role in the middle and help things de-escalate for both Ukraine and Russia. And that’s a good for everyone.

[At the] end of the day, don’t forget, yes, the Chinese definitely need a very steady, dependable energy supply from countries like Russia or other countries. But the Chinese politician also recognize they need to find the balance between, let’s say, and the U.S. and the Europeans are still the major destination, than Chinese exports. They are actually the largest Chinese largest trading partner in terms of trading volume with a Europe and the U.S.

So, I would say they’re peaceful, a stable world, actually, is in the best interest of China. Don’t forget, Chinese economy overall is still a so-called mercantile economy. So, a very good stable, steady world set ups is good for the best interest of China.

Many in the West, including many of our clients, give a high probability of a Chinese invasion of Taiwan at some point. From our conversations, I know you give it a lower probability than most. Why is that?

Lei Wang: Politicians make their decision based on their intelligence or ideology. Sometime could be quite different from other conclusions. So, let’s just put that in a context. So, yes, my answer is yes. Based on my own assessment, I think it’s a low probability of China invading Taiwan. Now, I’ll give you three reasons. The first one, I would say military value, right?

You know, Ukraine I think for most part maybe serve as a military conflict buffer zone between the Russia and NATO and given the Ukraine, the mass size is one of the largest country in the Europe by the Taiwan, you know, on the other hand, is very small country is like what size is that like 36,000 kilometer square and does one with a 23 million people.

So, the size the country doesn’t have that kind of so-called military value as a buffer between China or any potential rival. So, from that perspective is a low probability. Second, economic value, right. Taiwan, GDP’s close to 750 billion U.S. dollars or 33,000 U.S. dollars per capita. And the Ukraine is just like a 20% of that are so smaller in economic size and the Taiwan yes, we all recognize Taiwan is one of the top players or leader in the global semi technology or equipment is exporter driven economy not energy-driven versus Ukraine heavily depending on like energy fertilizers for crops, so I assume I hope not, China take over Taiwan. What they can get other things, right, is if the moment they do it likely China probably will be punished by the so-called global sanctions, and they can sitting on a bunch of other foundries or factories. But what can they get other things so they can sell anything to the rest of world.

So, I would call this a losing situation. So, there’s a second reason, third timing-wise, as I mentioned earlier, China current is struggling with a very sluggish economy growth and the consumption is weak, property is in a bubble and you know, if you’re the politician, you probably don’t want to launch any kind of military activity then you yourself are plagued by most serious matters at home. And so that’s something I think the window of so-called elevated of military action is a very low it’s not there at all. So that’s the third reason. So net-net, I would say, low probability for China invading Taiwan.

Since its peak in February 2021 Chinese markets are down 44% while international markets are down just 6% and the S&P 500 is actually up 16%. That’s a pretty big performance gap. Do you think China’s markets are cheap and if not what do you think you would have to see for them to be an opportunity?

Lei Wang: I checked the Chinese stock index level valuation using MSCI China index is trading around ten times forward multiple. That’s almost like 6-7 years new low for the past 6-7 years optically cheap you’re right. But, you know, I want to caution our audience, the earnings from here probably will have to face some kind of downward adjustment and actually so the actual PE may not as achieve as optically if just by earnings.

Just to give you historical context and bottom multiple for the Chinese index is around eight times which happened around 11 years ago. So that’s something just keep that in mind. And I think those things could be a long term a host of Russia and the Ukraine situation I think probably the Chinese stock as asset class maybe will be scrutinized by many international pensioner or investors and so this is some heavy cloud in the sky including as I mentioned the earlier the so called a regionalization a global supply chain or you some people call reshoring or onshoring and second I think to jumpstart the Chinese economy from here you need a quite effective stimulus what could be export no I think is and is not beyond is beyond the China’s control is really dependent that the other countries that are consumer demand. Fix asset investment? I think that’s probably China overbuilt a lot of capacity and the return of those of a fixed asset investment just low and consumption currently is heavily plagued by the COVID policies, so it’s not a kind of optimistic in the near term and another data point, China GDP is run 18 trillion U.S. dollars make the Chinese second largest economy or $10,000 a per capita basis.

You know China is no more the same China as ten years ago even 20 years ago it just the sheer size of the economy is huge. So any policy to be effective need to be very thoughtful very effective to make things work. So net, net I want to sound cautious but again I think it is in this environment you can always find interesting stock and opportunity and a risk in my opinion always is always hand in hand so that’s gave us opportunity if any interesting market correction happen and definitely there’s a great opportunity for us.

So, what would you have to see in the market or the economy that might make you change your mind and turn more bullish on China?

Lei Wang: This year when the US tightening, China definitely is a loosening on a credit extension. Monetary policy, credit policy. I want to see the sustainable availability of credit into the real economy. I want to see the Chinese M2. The money supply numbers have a solid recovery or even on the high end of the growth. I think that will help the real economy.

Second, that definitely I will see some fine tuning of the Chinese COVID policy I just said the three driver China economy grows: export, beyond other control; fix asset investment, already overbuilt; The only thing left for the Chinese as a policy tool is trying to jumpstart the consumption, but the consumption is heavily impacted by the mobility of the population.

So, if any fine-tuning Covid or improvement in Covid aging in China apparently will see some pent-up demand from the consumer size that definitely how China stabilize the economy from here.

Craig Blessing: Thank you Rocky.

Lei Wang: Thank you for having me here.

Craig Blessing: And thank you for listening you can find us on Thornburg.com/podcasts as well as on Apple Podcasts where you can rate subscribe and review us. Please join us again soon for the next episode of Away from the Noise. And thanks again.

Discover more about:

Stay Connected

Subscribe now to stay up-to-date with Thornburg’s news and insights.
Subscribe

More Insights

The Fed’s Third Mandate: A Tool to Determine When Policy Pivots?

Co-Head of Investments Jeff Klingelhofer argues that the Fed's third mandate may help signal the timing of the next policy shift.

Public vs. Private Credit: How We Assess Both Opportunities

Portfolio Manager Ali Hassan walks us through the potential opportunities and pitfalls of private and public credit, along with what investors should consider.
Global Equity

Beneficiaries of Europe’s REPower Plan

As the European Union rethinks its energy supplies, we believe the shift away from Russian gas may create significant growth opportunities for investors.
Global Equity

Emerging Markets Confront Political Hurdles in the Near Term

Portfolio Manager Josh Rubin discusses significant political events in emerging markets that may impact investors.
International Growth

Blockchain on the Brink of an Investment Revolution

Portfolio Manager and Managing Director Sean Sun explains the paradigm shift around blockchain technology and the opportunities it presents for investors.

‘Pick-your-poison’: Wall Street sell-off resumes

Thornburg Portfolio Manager Sean Sun tells Reuters that increasing geopolitical issues leave investors few places to hang their hats.

Our insights. Your inbox.

Sign up to receive timely market commentary and perspectives from our financial experts delivered to your inbox weekly.
This field is for validation purposes and should be left unchanged.
Feedback