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  • BCOM, energy prices.. / SPX, Faangs domination / COINbase / Evergrande, HSI 20% off highs YTD

    …Quick approval of Nord Stream 2 would go a LONG way to balance gas prices in Europe… “The possibility that the market may be overestimating the risks to the global growth outlook” is one potential explanation for exceptionally low sovereign bond yields ECB's Isabel Schnabel said in speech >>> is there a possibility that he has to do with ECB buying 80bn per month ? Italy, Spain, Greece, most of Europe…now French govt is considering extending benefit of energy vouchers to more households to ease the cost of rising energy bills, the government's spokesman Gabriel Attal said on Wednesday…~ Energy vouchers are currently granted to nearly 5.5m households in France Vaccine Latest: Pfizer said the efficacy of its Covid-19 vaccine diminishes over time, according to data from the US and Israel, and claimed a booster was safe and effective at warding off the virus and new variants. A presentation will be brought to the FDA on Friday. Overall data in the US indicate that the first two shots of the vaccine still protect against severe disease and death. What is not clear: whether a booster increases the risk of inflammation of the heart and heart lining. US tax increases, biggest in a generation, took a major leap forward as they won approval from the House Ways and Means Committee, no Republicans voted in favour Fire at UK-France electricity subsea cable triggers new price surge Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted tennis legend Roger Federer as an investor, climbed 46% on its first day of trading in New York! Macau's future in doubt as crackdown triggers selloff China Evergrande onshore bond trading suspended after downgrade – bonds already trading at 25/30cents to the $.. Markets : Crude higher on supply constraints concerns, NatGas issue well documented lately SPX – the great trend chart continues to hold, to the exact point yesterday! It’s as if everyone has the same chart on their screens…QQQ also had a better day/recovery, though ‘long US techs’ the most crowded trade still as per BofA survey (chart). HangSeng lower again, only about 10% off March 2020 lows, and already some 20pct below 2021 highs – all gone from an entrepreneurial global power house, to a highly regulated/surveyed communist state! Commodities higher – broadly speaking – bar few specifics – BCOM chart, ALU super rally (chart), China intervention/state reserves release, hardly had an impact (chart) Crude prices highs, remember the comment about $100 prices on supply issues over winter FXland, AUD notable target for shorts after RBA shift last week, overall CROSSJPY’s remain heavy.. https://www.home.saxo/content/articles/macro/macro-digest-dont-ignore-the-distress-signals-of-the-market-14092021 Macro Digest: Don't ignore the distress signals of the market Summary: Inflation seems to be the only factor that can change the direction of the stock market. Energy prices are now trading between 50% and 500% higher than average, depending on the fuel, and this represents a tax on consumption and business profits. We expect falling profit margins from here, but also a fragile risk market as interest rates looks ready to move higher to counter this cost pressure. This article looks at valuations, energy and the realisation dawning on market: the physical world is too small for the ESG focus and Green Transformation. https://saxostrats.podbean.com/e/contagion-in-chinese-property-sector-us-dip-buyers-take-a-stand/ Contagion in Chinese property sector. US dip-buyers take a stand. Today's slide deck: https://bit.ly/2Xx1WrF - Today we look at US dip buyers taking a stand once again at what is now the most obvious support in the world and whether we can continue this nearly mechanical advance from here. A look as well at significant contagion across the Chinese property sector as other big names are marked down aggressively on Evergrande's ongoing woes. As well, we look at JPY, NZD, NatGas and European power prices and the next important factors for shaping the Fed's latest guidance at next week's possibly pivotal FOMC meeting. Oil dips, pares back only some of sharp gains made on U.S. stocks drawdown http://reut.rs/3ln8vVC https://www.fool.com/investing/2021/09/14/why-macaos-casino-stocks-got-crushed-today/ Why Macao's Casino Stocks Got Crushed yesterday Macau about to become a ghost town, might have to reinvent itself! Macau Casino Stocks Shed $18 Billion In Value As China Moves To Tighten Gambling Rules https://forbes.com/sites/siladityaray/2021/09/15/macau-casino-stocks-shed-18-billion-in-value-as-china-moves-to-tighten-gambling-rules/?utm_campaign=forbes&utm_source=twitter&utm_medium=social&utm_term=Gordie Marketmind: When the Dragon sneezes, Europe catches a cold http://reut.rs/2YSOuP0 https://www.irishtimes.com/business/technology/darktrace-ups-growth-forecast-on-strong-cybersecurity-demand-1.4674875 Darktrace ups growth forecast on strong cybersecurity demand Group found existing serious breach in 77% of new customers’ networks https://www.telegraph.co.uk/business/2021/09/15/fire-knocks-key-electricity-cable-france/ Winter blackout fears after substation fire cuts off French power Interconnector that largely draws on power from French nuclear stations supplies more energy into the grid than all the UK's windfarms https://seekingalpha.com/article/4455007-high-yield-investors-should-read-this-important-article?mailingid=25052388&messageid=must_reads&serial=25052388.2246194&utm_campaign=Must%2BRead%2BSeptember%2B15%2C%2B2021&utm_content=seeking_alpha&utm_medium=email&utm_source=seeking_alpha&utm_term=must_reads High-Yield Investors Should Read This Important Article Macau's future in doubt as crackdown triggers selloff https://www.foxbusiness.com/markets/billions-blown-macau-casino-investors-fold-amid-gambling-review Billions blown as Macau casino investors fold amid gambling review France to help limit financial hit to Naval Group from cancelled Australia deal http://reut.rs/3CbSNTS https://finance.yahoo.com/news/china-evergrande-main-unit-suspends-003556443.html China Evergrande’s Main Unit Suspends Bond Trading, Shares Tumble Boris Johnson reshuffled his ministers. The British prime minister’s new appointees include the UK’s first female foreign minister, Liz Truss https://www.reuters.com/world/uk/uk-pm-johnson-reshuffle-his-team-ministers-wednesday-source-2021-09-15/ Russian President Vladimir Putin said he would have to spend ‘a few days’ in self-isolation after dozens of people in his entourage fell ill with COVID-19, the TASS news agency reported https://reut.rs/3AjgbOR https://www.theguardian.com/uk-news/2021/sep/14/half-a-million-homes-to-be-given-new-energy-supplier-after-two-more-go-bust Half a million homes to be given new energy supplier after two more go bust Utility Point and People’s Energy are the latest of seven companies to fail in the past year amid record energy market prices >>> always the same, small provider offer cheap rates, don’t hedge for higher prices, and eventually go bust when something like last 10days goes on in markets… https://kfgo.com/2021/09/15/billionaire-hedge-fund-managers-cohen-dalio-tout-cryptocurrencies/ Billionaire hedge fund managers Cohen, Dalio tout cryptocurrencies https://www.coindesk.com/markets/2021/09/15/the-upside-of-a-gensler-led-crackdown/ The Upside of a Gensler-led Crackdown Crypto players are expecting more aggressive regulation from the SEC. That has some potential benefits Have a great day Team PVM

  • MSCI EM vs World / TLT, 5s30s flatter / Global debt / IronOre / Crude / U.S CPI peaked, but

    Markets might get a little jittery into OpEx Friday BofA Fund Manager Survey - 84% expect Fed taper by end of the year, 1st rate hike seen in Feb 2023 - Global growth expectations fall to lowest since May 2021 NFIB Small Business Optimism Index improved in August too Norway’s centre-left ousts conservatives in elections dominated by climate change US CPI inflation eased from 5.4% to 5.3% in August, as was whispered!, so positive reaction was short-lived.., though confirming #peakinflation last month..(chart) and two months after the IHSMarkit PMI US survey prices charged gauge, but the latter hints that inflation will remain elevated for longer (NatGas, crude, and still many supply chain issues around the world) – CPI may be peaking, but economists still lifting forecasts into second half of 2022, UK inflation surges to nine-year high of 3.2% in August as food and fuel prices jump, German Ifo institute expects 3% inflation this year, between 2% to 2.5% in 2022. UBS - US consumer price inflation rates were lower than expected. The disinflation of used cars prices and airfares helped lower inflation. Economists have long argued that the US consumer prices reflect temporary surges in demand, which some companies have tried to ration with price increases. The inflation data shows these demand surges do not last, and pricing power in some sectors is less than thought. Amazon will hire 125,000 workers, dangling $3,000 bonuses for some jobs Global debt rose to a new record high of nearly $300 trillion in the second quarter, but the debt-to-GDP ratio declined for the first time since the start of the pandemic as economic growth rebounded, the Institute of International Finance (IIF) said on Tuesday (chart), then again, Distressed retail debt drops to just over $1B according to Bloomberg (chart) CHINA - Why Xi Jinping is crushing private lives - and wealth - There is a clear ideological drive behind it. Xi last month inaugurated a campaign for “common prosperity”, a phrase originating in a 1953 People’s Daily call to collectivisation, according to David Bandurski of the China Media Project. It was a move against private ownership / Chinese ambassador Zheng Zeguang banned from parliament Virus Latest: Russia Vladimir Putin will go into self-isolation after several of his entourage got infected. The UK will begin offering booster shots to people age 50 and over and other vulnerable groups next week. Cuba will start vaccinating children as young as 2. In China, due to a new wave of the delta variant in Putian city in East China’s Fujian province, China raised the Covid-19 risk level for one neighborhood to high and three to medium. Japan Chief Cabinet Secretary stated that the country will lift its virus restrictions gradually. Australia, a limited easing in lockdown restrictions came into force in Sydney and New South Wales today. The NSW Premier has promised a more material easing in restrictions when that state achieves a 70% vaccination rate (on a two-shot basis; currently 46%, and rising by around 4pp per week). New Zealand, the PM has extended Auckland’s strict Level 4 lockdown for another week, as case numbers jumped today (to 33), following an improving trend last week. Restrictions were recently eased, outside of Auckland, to a lesser, Level 2, level Markets : UST curve – flattest in over a year – 5s30s (chart) Equity Markets softened a little into close, initially rallied on softer CPI (was whispered-expected..) - MS’s Wilson still sees 10-15% correction, Kalanovic likes EM (chart + comments below) >>> watch out for that SPX chart (that everyone is looking at..everyone has the same trend support line…) USD same price action, weakened initially, then recovered on slightly lower CROSSJPY’s and risk—usual price action Crude remains elevated/breaking higher again, PALL getting it..(as discussed few times last few months..), other commodities slightly softer.. IronOre has done a ‘timber’ (chart) BTC holding up well, in this market, similar story to equity, a lot more going on underneath.. TLT breaking up ? (chart) https://www.reuters.com/business/global-markets-survey-bofa-urgent-2021-09-14/ Investors turning more bearish on global economy - BoFA survey Amazon boosts hourly pay to over $18, to hire 125,000 workers http://reut.rs/3kfy4sx Norway’s centre-left ousts conservatives in elections dominated by climate change https://www.independent.co.uk/climate-change/news/norway-elections-2021-results-solberg-b1919790.html#Echobox=1631619884 https://edition.cnn.com/2021/09/14/business/amazon-hiring-jobs/index.html?utm_medium=social&utm_content=2021-09-14T15%3A45%3A55&utm_source=twbusiness&utm_term=link Amazon (AMZN) said Tuesday that these jobs offer an average starting wage of more than $18 an hour — higher than its $15 minimum wage — and some of the roles include up to $3,000 sign-on bonuses. Amazon last week said it would begin offering to pay four-year college tuition for most of its workers, joining Walmart (WMT) and Target (CBDY) in offering similar benefits https://www.smh.com.au/world/asia/why-xi-jinping-is-crushing-private-lives-and-wealth-20210913-p58r46.htmlWhy Xi Jinping is crushing private lives - and wealth – interesting read/view… ‘’ There is a clear ideological drive behind it. Xi last month inaugurated a campaign for “common prosperity”, a phrase originating in a 1953 People’s Daily call to collectivisation, according to David Bandurski of the China Media Project. It was a move against private ownership.’’ >>>> "all the elements of what the party is calling the Great Transformation have one thing in common – they are all about tightening control. And that means they are all about Xi gathering power to himself." https://www.scmp.com/economy/china-economy/article/3148774/chinas-retails-sales-growth-plunged-august-impeding-economic China’s retail sales growth plunged in August, impeding economic recovery Retail sales and industrial production rose by 2.5 per cent and 5.3 per cent, respectively, in August from a year earlier Fixed-asset investment grew by 8.9 per cent in the January-August period, while the surveyed jobless rate stood at 5.1 per cent in August, unchanged from July Chinese ambassador Zheng Zeguang banned from parliament https://www.thetimes.co.uk/article/chinese-ambassador-zheng-zeguang-banned-from-parliament-97nbfcfmc Apple showed off new versions of its tech. The tech giant may struggle to garner excitement around the latest iPhone, iPad, and Apple Watch, which feature only incremental upgrades from their predecessors. https://www.wsj.com/articles/apple-event-new-iphone-lineup-to-be-revealed-tuesday-11631611800 Coinbase upsizes debt offering to $2 bln http://reut.rs/3hyLw8Q https://www.telegraph.co.uk/politics/2021/09/14/boris-johnson-just-asked-bizarre-question-ever-chris-whitty/?utm_content=telegraph&utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter#Echobox=1631688409 Boris Johnson was just asked the most bizarre question ever... and Chris Whitty was disgusted In a surreal moment in Downing Street, the PM was forced to comment on an eye-popping (and clearly false) claim about vaccines UK inflation surges to nine-year high of 3.2% in August as food and fuel prices jump http://businessinsider.com/uk-inflation-boe-august-cpi-food-energy-prices-interest-rates-2021-9 Worried Wilson still sees 10-15% correction before year end Morgan Stanley's equity strategist Mike Wilson spoke at the opening of the (virtual) industrial conference and argued that the mid-cycle transition started in March and that it signals peak rate of chg for the initial accelerative part of the cycle (but not the peak of the cycle). YoY chg in PMIs correlated to YoY perf in industrials. Industrials a neutral right now because economically sensitive but notes infra and capX positive offsets. Thinks there was a period of semi over-consumption which could overstate demand numbers. Thinks market has potential 10-15% correction ahead of it in next ~3mo but notes energy materials and industrials have already had healthy pullbacks. (MS Research) Kolanovic going long EM Funding it with US....That's interesting. Marko: "we increase our weight to EM equities. This year’s underperformance of EM vs DM equities looks rather extreme by historical standards and we thus see currently an attractive entry point for a medium-term OW in EM vs. DM . Indeed, two previous episodes of close to 20% EM vs. DM equity underperformance, during the second half of 2015 and during April-Oct 2018, were followed by 10-15% EM outperformance in subsequent months. We fund our Japanese and EM equity overweights via reducing the allocation to the US" Back to work folks. UK job vacancies surge past one million in new record But businesses say there aren't enough people to fill roles Read more: https://bbc.in/3hzpnHs The numbers are well just very big numbers…(asset prices also went up – and as long as ‘funding costs’ remain low…).. In a positive sign for debt outlook, the IIF reported a decline in the global debt-to-GDP ratio for the first time since the outbreak of the coronavirus crisis SPX here, but MANY other charts look similar - beware Have a wonderful day Team PVM

  • WMT and LTC / WTI, Gas Prices, ALU / Coal / RBA / U.S CPI later on

    Europe’s gas shortage could make the whole world pay more to get warm this winter BofA says a cold winter could lead to $100/bbl oil sooner than expected, and, Goldman Sachs says the oil market is set to "rally significantly" + OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere Litecoin surges, then plummets after fake press release says Walmart will partner with the coin for payments Massive week for equity capital market, with corporate issuers taking advantage of strong stock demand to offer > $20 billion worth of shares (most in 2021) Apple vs. Epic ruling reveals 70% of App Store revenue comes from a small fraction of customers playing games…… QQQ - Hedge Funds end most persistent Short Tech Streak Since 2008 – BBG chart - They had been net short Nasdaq-100 futures for 28 straight weeks -- the longest stretch since the global financial crisis. …The streak broke last week Got to love this quote from Dem Representative Brad Sherman…~ “I want a labor market so tight that you don’t even have to cover up your tattoos to get a job. I want employers camped out in front of my office begging for my help in how to hire people getting out of federal prison.” U.S. Senate Democrats float stock buyback tax as part of $3.5 trillion bill Piper Sandler - headline CPI could drop near 4% YoY, suggesting that price pressures may have peaked (chart) House Democrats consider calling for raising the corporate tax rate to 26.5% from 21% and imposing a surtax on people making over $5 million Taper is coming soon, but its effects will be off-set by significant declines in Treasury and Agency MBS issuance. The Fed is trying to tell you that lift-off is closer, but still far away. The taper will be a non-issue (very most likely, fwiw, markets are markets, but overall tend to think so – unless the taper gets done inside 3months or something) >>> Citi - A taper announcement will likely be delayed to November, but the September 22 meeting may still be hawkish as Fed official inflation forecasts and “dots” move higher." Britain’s last coal power stations to be paid huge sums to keep lights on - Plants called on to supply electricity amid fall in wind generation and surge in price of gas The aluminum shortage broke records. Prices hit $3,000 per ton in London for the first time ever, as supply dwindles against soaring demand. Brazil's Cecafe says 40-50% of coffee cargos have suffered shipment delays in the last three months and says difficulties to find containers and space at ships to export coffee continues Virus Latest: The US Food and Drug Administration issued a statement asking parents not to get children under 12 vaccinated yet, as the regulatory review has not yet been completed. Over in the UK, medical chiefs recommended shots for children 12 and above, despite the country cancelling a 1.4 bn euro Valneva contract for vaccine supply. Italy’s medicines agency, AIFA, has given the go-ahead to the administration of Covid-19 booster shots. UBS - Progress to curb COVID-19 continues Singapore has tightened pandemic-related restrictions, more than half of Australia’s 25 million population remain subject to stay-at-home rules, while Japan extended emergency restrictions in Tokyo and other regions until the end of the month. But while local setbacks in combating the virus may contribute to market volatility and slow the economic rebound in selected markets, we continue to see broad progress in curbing the pandemic and returning to economic normalcy. Based on data from Johns Hopkins University, global infections in the week to 5 September declined for the first time since early June, with the infection tally well below the peak set in April. In addition, global vaccination efforts continue to progress, with the daily number of jabs administered up more than 50% compared to May. The EU has fully vaccinated 70% of adults, while the US has done so for almost 55% of its population. A recent study in the US showed that breakthrough cases, hospitalizations, and death remain rare for fully vaccinated individuals. We think this makes a return to full national lockdowns less likely. U.S household Debt to GDP – ZIRP did not spur re-leveraging (chart) UK 'may suspend Northern Ireland protocol': Britain is prepared to unilaterally halt agreement with EU, Brexit minister warns... as Government is set to confirm delaying import checks until NEXT YEAR Markets : BTC Longs selling/sold calls (chart) – collecting theta / lot more going in other coins USD slightly softer ahead of U.S CPI, talks of lower print (though do watch out, might only be a blip…NY Fed survey of inflation expectations hitting new highs…) Equity markets consolidating/showing few signs of weakness, taking profit, not a bad thing in the grand scheme of things – SPX uptrend vs VIX (chart) – is all that matters really WTI new highs in current cycle, ALU new highs, car prices could make new highs again (supply issues), Gas prices in Europe through the roof.. Bunds getting a little kick lower again this morning (markets won't trust a lower print in inflation...for very long..)- 10's UST yields 1.34 going into CPI, even with 'whisper number lower 0.2 or 0.3%) https://fedguy.com/tapering-towards-neutral/ Taper is coming soon, but its effects will be off-set by significant declines in Treasury and Agency MBS issuance. The Fed is trying to tell you that lift-off is closer, but still far away. The taper will be a non-issue. https://www.rba.gov.au/speeches/2021/sp-gov-2021-09-14.htmlRBA’s Lowe pushes back on market pricing rate rises next year to 2023..(extend and pretend for as long as you can…temporary !) https://www.cnbc.com/2021/09/13/europes-gas-shortage-could-make-the-whole-world-pay-more-to-get-warm-this-winter.htmlEurope’s gas shortage could make the whole world pay more to get warm this winter https://twitter.com/lisaabramowicz1/status/1437406300229492736 "Stock valuations are as cheap as ever relative to junk." A fascinating chart by Brian Reynolds of Reynolds Strategy, looking at the S&P 500 earnings yield as a percent of junk-bond yields. ‘’you can always find a friendly chart out there..’’ https://www.reuters.com/world/us/us-senate-democrats-float-stock-buyback-tax-2021-09-10/ U.S. Senate Democrats float stock buyback tax as part of $3.5 trillion bill House Democrats consider calling for raising the corporate tax rate to 26.5% from 21% and imposing a surtax on people making over $5 million https://www.wsj.com/articles/house-democrats-eye-26-5-corporate-tax-rate-11631484260?mod=e2tw https://uk.finance.yahoo.com/news/stocks-correction-5-10-likely-073214297.html?guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAAIw5Sp89pd- An equity market correction of 5%-10% by the end of the year was the overwhelming consensus in a September market sentiment survey published by Deutsche Bank on Monday >>> so if it is consensus… Britain's Tesco joins refillable revolution with in-store trial http://reut.rs/3lmwkg3 Litecoin surges, then plummets after fake press release says Walmart will partner with the coin for payments http://businessinsider.com/litecoin-walmart-fake-press-release-crypto-payments-partner-global-newswire-2021-9 BofA could bring forward $100 oil target in event of cold winter http://reut.rs/3EnqzYu https://www.streetinsider.com/Analyst+Comments/Epic+Court+Ruling+Will+Have+a+Limited+Impact+on+Revenue+and+EPS%2C+But+Impact+to+Apple+%28AAPL%29+Stock+Could+Be+Much+Higher+Given+Risk+of+Multiple+Compression%2C+Analyst+Warns/18930112.html Epic Court Ruling Will Have a Limited Impact on Revenue and EPS, But Impact to Apple (AAPL) Stock Could Be Much Higher Given Risk of Multiple Compression, Analyst Warns Amazon faces new antitrust claims from DC attorney general https://yhoo.it/3nu4TUg Apple vs. Epic ruling reveals 70% of App Store revenue comes from a small fraction of customers playing games https://www.cnbc.com/2021/09/10/apple-vs-epic-70percent-of-app-store-revenue-from-customers-playing-games.html?utm_term=Autofeed&utm_medium=Social&utm_content=Main&utm_source=Twitter#Echobox=1631536501 https://www.westernjournal.com/fauci-calls-many-many-vaccine-mandates/?utm_source=twitter&utm_medium=capinstitute&utm_campaign=twitter&utm_content=2021-09-13 Fauci Calls for 'Many, Many More' Vaccine Mandates https://wallstreetonparade.com/2021/09/9-11-launched-the-first-of-the-unaccountable-bailouts-by-the-fed-to-wall-street/ Most Americans believe that the unprecedented Fed bailouts of Wall Street didn’t begin until December of 2007, on the cusp of Wall Street’s financial collapse in 2008. That’s wrong. The Fed’s first massive bailout of Wall Street started on 9/11 https://www.theguardian.com/business/2021/sep/13/britain-last-coal-power-stations-to-be-paid-huge-sums-to-keep-lights-on-record-energy-prices Britain’s last coal power stations to be paid huge sums to keep lights on Plants called on to supply electricity amid fall in wind generation and surge in price of gas The aluminum shortage broke records. Prices hit $3,000 per ton in London for the first time ever, as supply dwindles against soaring demand. https://qz.com/2058236/why-america-doesnt-have-enough-aluminum-cans/?utm_source=email&utm_medium=daily-brief&utm_content=95f0addd-14d9-11ec-8920-2adb91ca92ca Beginning of another push higher ?...OR…one of those toppish contrarian indicator… Everyone has the same or similar chart(s) on their screen BTC Longs selling calls ? There is always a chart somewhere to support any conviction ! Have a super day Team PVM

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    ASSET MANAGEMENT Pure Value Metrics has defined unique logic in our approach to Asset Management, combining multiple factors in our search to provide long term value for our Clients. Driven by a core belief in relative value, we are not limited to specific sectors, industries or companies. This provides both an adaptive and sustainable approach to investing, whilst remaining consistent throughout. Explore the sections below to find out more Investment Matrix Design Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of six fundamental variables, designed to identify value opportunities within Global Equities. ​ Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer requirements or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Portfolio's with Superior Metrics Quantitative Components PVM Investment Portfolios are constructed to have superior metrics than standard Country Equity indices and therefore higher expected returns​. ​ Our Portfolios are optimised to deliver higher yields whilst minimising risk than the equivalent benchmark indices. Characteristics PVM EuroStoxx600 Current P/E Ratio 13 51.9 % Dividend (Dvd) 4.8 2.3 Dvd Payout Ratio 73.7 54.6 % Debt / Net Equity 42.9 96 Price/Book Ratio 1.6 2 % Goodwill / Net Equity 31.8 34.5 % Analyst Exp. 1Y return 11.9 9.8 Algorithmic Processes Systematic Throughout We utilize daily proprietary algorithmic screening, with a high degree of automation to analyze the global equity database, monitor our Clients' Portfolios, and identify new opportunities. ​ Furthermore, we use algorithmic execution when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards​ and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns that are achieved by taking less investment risk, especially at higher valuations. Performance Pure Value Metrics Returns Annualised Total Return (%) ReportingDate 1Y 3Y 5Y Inception 2021-04-30 6.41 8.36 7.37 7.48 Performance is calculated daily on a change in Net Account Value (NAV), including all income reinvestments and fee deductions. Individual client account holders may realize returns that are different to our baseline NAV performance. Currency fluctuations and differing start dates may increase or decrease the return of your investment. Past performance is no guarantee of future returns. Investment Process We believe that an uncompromising investment process is a key component in delivering consistent returns. Consistent Systematic Valuation Analysis of Balance Sheet and Global Macro Trends PVM Investment Process

  • Asset Management | Pure Value Metrics AG | Switzerland

    PURE VALUE METRICS A leading Global Value Equity Asset Manager Pure Value Metrics works with a broad selection of clients including, Family Offices / UHNWI, Corporates and Private Investors to offer innovative Asset Management and Trading solutions. ASSET MANAGEMENT Using our unique relative value based Investment Matrix we build investment portfolio's with superior metrics relative to main stream equity indices Discover PERSONAL TRADING ACCOUNT Take advantage of our Market Expertise and Support whilst trading on a choice of industry leading platforms Discover PVM BITs Our daily round-up of Global Macro Market Trends and insightful news topics Macron: get vaccinated - Tencent - IEA report - Fed's Barkin, Williams, Kashkari not hot on Taper PVM bits / HSTECH / Q2 Equity inflows / Q2 VC invests / G3 central bank balance-sheet PVM bits / EMFX / 10y UST yields - 200dma, 5s30s / China inflation lower/Global growth peaked in Q2

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