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Thoughts from our investment professionals on the evolving state of global markets and the macro economy

September 26, 2023
U.K. Inflation Looks to Have Finally Broken

August inflation numbers allowed the Bank of England to pause.

While the Bank of England (BoE) kept the “sufficiently restrictive for sufficiently long” language in its latest statement, we believe the end of the U.K. interest rate hiking cycle is here, given the August inflation print and slower levels of activity. Inflation came in well below market and BoE expectations, with declines both in core goods and services. Before anyone gets too excited on risk, however, we think this augers slower GDP growth through the end of the year, as also reflected by the country’s higher ...

September 20, 2023
The Fast and The Fuel-Less

Rising gas prices are accelerating the shift from traditional internal combustion vehicles to EVs—reshaping the auto industry and driving semiconductor demand.

As gas prices have cruised to their highest levels in nine months, owners of internal combustion cars (ICEs) are under pressure to find sustainable and cheaper alternatives. According to the U.S. Department of Energy, driving an electric vehicle (EV) could save as much as 60% on average compared to traditional cars, assuming a fuel price of $2.85 per gallon1; meanwhile, prices have surged past $5 in some states.

With favorable ...

August 09, 2023
Time To Capitalize on Minority Recaps

With the exit doors still stubbornly shut, we are observing more private equity firms selling minority stakes in quality holdings to generate cash and return capital to LPs.

Suppose a high-quality company borrows at a low interest rate to fund various initiatives and meet ambitious growth targets. Suddenly, rates increase, the market weakens and the company struggles to raise additional cash-pay debt or highly valued equity, potentially crimping its growth prospects.

This has been a familiar scenario for private equity (PE) firms finding it difficult to harvest investments in their ...

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