Since 1964, The Board of Governors of the Federal Reserve System has conducted the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) which is designed to provide information on bank credit availability and loan demand. Administered quarterly since 1992, it can be a useful tool for investors to gauge developments in the credit cycle which is important both for macroeconomic assessments and bank stock investing.
This month’s EM perspective piece features thoughts on recent elections, Chinese politics and the macroeconomic backdrop as well as several other key sector contributors and detractors. Please see the full piece for the latest thoughts from the team.
The small cap segment of emerging markets (EM) has provided a source of differentiated returns, featuring exposures that complement a core EM allocation in a manner that has been alpha generative and helped investors sidestep some of the volatility associated with geopolitical and regulatory developments within the asset class. This month’s commentary revisits the case for an allocation to EM small cap.