Viewpoints from Epoch Investment Partners
Manager of a unique equity strategy that seeks strong risk-adjusted returns by emphasizing companies that generate growth of free cash flow, the intelligent use of that cash flow, and strong management teams with a track record of delivering returns to shareholders, such as cash dividends, share buybacks, and debt reduction
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Trump, tech, and trade
Corporate earnings could be at risk if the Trump administration decouples the U.S. supply chain from China as the countries compete for economic leadership.
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Higher rates and protectionism will shrink manufacturers' profit margins
The dramatic increase in manufacturers’ profit margins over the past quarter century may be nearing an end, as rising interest rates and trade tensions weigh on the sector.
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What's spooking the markets? Trade wars and fiscal imbalances
The risks of a global trade war and a worsening U.S. budget deficit could trigger volatility for stocks and bonds in late 2019—especially when rising interest rates are factored in.
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Growing free cash flow: the key to sustainable equity shareholder yield
Some yield-oriented equity strategies focus on buying stocks with high dividend yields. However, the emphasis should be on dividend sustainability and growth; the shareholder-yield investor can’t simply “set it and forget it.”
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Dividend stocks: a source of value in today’s richly valued market
Dividend-paying stocks hold unique appeal in today’s valuation-rich global equity market, given their record of generating above-average performance with below-average volatility relative to the broad market.
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The technology stock rally has an open road ahead
While valuations look somewhat overextended, this year’s rally for information technology stocks may have more room to run, as we expect the sector to continue to drive solid earnings growth.
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U.S. optimism, European skepticism: a spring of misplaced market expectations
U.S. market expectations appear to be overly optimistic, while the pessimism in the European equity market doesn't reflect improving economic fundamentals.
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Trump trade agenda could spring a surprise on the markets
The Trump trade agenda calls for a protectionist approach, posing global risks the market doesn't seem to recognize right now.
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Europe's accommodative monetary policy isn't going away anytime soon
With populist politics on the rise across Europe and economic growth remaining slow, the European Central Bank's is in no hurry to abandon its accommodative monetary policy.
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Capital spending should rise in 2017, just not as much as many think
U.S. companies are flush with cash and a political transition is under way, creating favorable conditions for higher capital spending. But many firms will continue to find better uses for their cash.
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