During the last three years the US dollar has appreciated by over 25% against major currencies (see Exhibit 1 below). This rally has been driven by a series of events. These include the announcement, by the Bank of Japan (BoJ) in July 2014 of an extension to its quantitative easing (QE) programme, the prospect of the US Federal Reserve (the Fed) embarking on a new cycle of hikes in official rates in an environment of falling commodities prices and a devaluation of the Chinese yuan in August 2015.
THEAM, the model-driven, indexed and protected investment management specialist of BNP Paribas Investment Partners, was awarded first prize in the Global Equities category at the annual amLeague ceremony on 19 January 2017, rewarding its low-volatility, smart-beta investment strategy for a competition-beating 12.09% gain1 over the whole of 2016.
Mixing asset classes does not necessarily make a flexible fund more robust, says Tarek Issaoui.
Etienne Vincent - Head of Global Quantitative Management, THEAM
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Investments in the aforementioned fund are subject to market fluctuation and risks inherent in investing in securities. The value of investments and the revenue they generate can increase or decrease and it is possible that investors will not recover their initial investment. Source: BNP Paribas Investment Partners.