Seeking out
the orthogonal view

Identifying global trends by actively thinking, questioning, and writing

Staying curious and inquisitive is at the forefront of our research philosophy

We seek out the answers to questions that have not yet been fully investigated. By probing the status quo to examine all inputs of information, we formulate ideas and give in-depth macroeconomic analysis. This is augmented by rigorous quantitative tools on key economic and policy issues affecting the world.

Diverse specialists collaborate for unique perspectives

We are an open-minded and international thought centre, exchanging views in an informal and relaxed setting. We specialise in emerging markets, and more specifically, the fixed income and currency aspects across a variety of markets.

Our Investments, Advisory & Research team has built up a strong communication ethic. Focusing on the ‘cross sectional’ aspects of the global economy and adopting a non traditional analysis and pure ‘trading’ mindset ensures ideas are picked apart, contributed to, and questioned.

The resulting research, thought leadership and commentary is direct from our main risk takers. Through their weekly notes, our portfolio managers share their top-down views on major global economic and policy issues and zoom in on different topics as they become relevant to markets.

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Published Research Examples

China’s Local Government Debt

By Stephen Jen | September 21, 2023

What is the role played by the local governments in China’s property eco-system, and how should investors think about the risks posed by China’s local governments as the property market weakens?

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High US Yields Not Likely Reflecting Sticky Inflation

By Stephen Jen | September 8, 2023

In this note, we focus on the period in the mid-1970s between the two oil price and US inflation spikes.

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An Update on the China Property Sector

By Stephen Jen | August 24, 2023

China’s property sector is big, but not overwhelmingly big, compared to the cycle that Japan had in the late-1980s…

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Shelter Inflation Elevated Due in Part to the Fed

By Stephen Jen | July 13, 2023

US headline inflation has fallen as sharply as it had risen, but core inflation has been stubbornly sticky on the downside for the past six months

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A Dollar Avalanche Building in China

By Stephen Jen | June 27, 2023

Chinese corporates continue to hoard dollars.

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The Problem is Debt, Not the Debt Ceiling

By Stephen Jen | May 25, 2023

The looming risk of the debt ceiling triggering a default by the US is the urgent matter concerning investors.

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Europe to Stay on the Fence on China

By Stephen Jen | May 19, 2023

The structural competition between the US and China could intensify further.

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China and the De Facto Asian Economic Union

By Stephen Jen | May 8, 2023

The global economy is approaching a major watershed: for the first time in modern history, the three economic blocs – the US, Europe, and Asia…

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Falling Inflation to Bring Down the Dollar in 2023

By Stephen Jen | April 4, 2023

We expect US inflation to continue to decline at roughly the same pace as it rose in 2021 and the first half of 2022…

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On the Prospective Manufacturing Divestment from China

By Stephen Jen | March 15, 2023

What are the implications of the world divesting from China’s manufacturing sector?

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“We don’t follow a research agenda, we believe an ‘always on’ writing and thinking culture is the right way to identify the big ideas that need to be explored”

Stephen Jen


Eurizon SLJ Capital

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