October 24, 2016–Given the market volatility that followed the unexpected “leave” outcome in the U.K.’s Brexit referendum, it is understandable that global investors would be concerned about any European referendum. Hence, a great deal of global investor attention has turned to an Italian referendum scheduled for December 4.The question on the ballot is whether to strip legislative powers from Italy’s regionally elected Senate.
This special commentary from June 24, 2016, delves into the United Kingdom’s (U.K.) exit from the European Union (EU).We expect two years of contentious separation agreement negotiations.We don’t know whether London will stay Europe’s financial center or if other nations will line up to make their exit.The future of euro-denominated instruments is uncertain.
July 29, 2016—Our Investment Committee (IC) decided this week to close the underweight to emerging markets (EM) equities we had initially adopted in 2013. Our clients have benefited from this underweight, as EM equities had generally underperformed broad international and global stock market indices.