GLOBAL CAPITAL STOCK UPDATE Q4-2015

03.02.2016

During the last quarter of 2015, the Policy Portfolio (L2) posted a negative performance of -1.05%, contributing to a substantially flat return for full year 2015 (+0.35%). We have observed a risk-off behavior which predominantly hit public equity prices, with emerging and commodity related countries leading the table of worst performers.

On the currency side, the JPY strengthened versus the USD. Especially towards the end of the calendar year, the other main cross pairs confirmed their status of perceived safe haven despite a continuously accommodative monetary policy. By contrast, commodity-related currencies, such as CAD, weakened versus the USD, following a prolonged and severe fall in the price of oil.

In terms of relative weights, we have observed a decrease of Treasuries outstanding from 33% to 26% of the global sovereign fixed income portfolio compared to an increase of 4% for the Japanese Gov bonds and 2% for European Gov bonds.

31.07.2015    -0,3 %


31.08.2015    -1,0 %


30.09.2015    -0,5 %


31.10.2015    +1,1 %


30.11.2015    -0,4 %


31.12.2015    -0,3 %

For more information on our conducted Global Capital Stock research, please click the link above to download our article “The Global Capital Stock 2005-2014” or contact us directly on info@panthera.mc.

Terminology

L1 = Global Capital Stock = liability/equity side of the world economy´s balance sheet

L2 = Policy Portfolio Index = non-investable replication of L1 = most natural multi-asset benchmark