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  • Modi for manufacturing: next stop Britain | Thinking Aloud
    nuclear power that has sent a probe to Mars but away from the call centers and the software parks many adults remain illiterate while millions of children forgo school because they need to work for a living Investors must deal with appalling infrastructure excessive red tape and deep rooted corruption Private investment is weak corporate debt is a problem and the state controlled banks are burdened with loans that may never be repaid India s road ahead The challenges are clearly daunting but Modi has responded with pragmatism and flexibility Reform efforts are now focused on key states that are responsible for the lion s share of industrial gross domestic product GDP Seven states have started easing land acquisition processes Even more have set up land banks or government owned land made available for industrial use as the prime minister encourages local leaders to compete for investment Progress from state to state varies but these are good examples of change occurring On another front Reserve Bank of India Governor Raghuram Rajan is the country s first central bank head to explicitly target inflation Rajan s efforts backed by structural reforms and cheap oil have brought inflation down to 4 4 This is a big deal in a country where prices used to rise at double digit rates when poor rainfall led to food shortages Modi and Rajan must be doing something right because India has suffered two consecutive years of poor monsoons but food prices have not spiralled out of control Grain still reached areas in need and government policies have deterred hoarding When the fireworks go off in Britain during Modi s visit India s leader can take comfort from the outpouring of pride he still inspires There are millions of people around the world who still want to believe in him Modi just needs to convert some of that international faith into local faith to support his efforts on the home front Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries Ref 23211 101115 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity modi for manufacturing next stop britain Select Article URL Close Asia ex Japan Developing Economics Emerging Markets Labour Politics Related Articles Japan why faltering reforms shouldn t hide corporate achievements EM corporate bonds what happened to the apocalypse Asian property seeking excitement without danger Paradox for emerging market positivity Fighting off China s cold Asia ex Japan Developing Economics Emerging Markets Labour Politics Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/modi-for-manufacturing-next-stop-britain (2016-04-26)
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  • Value of alts in suspenseful markets | Thinking Aloud
    light of their particular exposures and needs For example insurance means different things to different people If investors are worried about the harm that volatility might wreak on their portfolios they need insurance a topic in which they have become progressively more interested as markets become more volatile Insurance has to be cheap to be worth it One investor might only want to spend 1 of their portfolio on insurance Another might be happy spending double that but all investors have limits So investors who want to retain effective insurance for a long period need to keep looking around Still if investors are armed with the right diversification of assets they won t be utterly dejected if markets don t turn out precisely as they d hope And maybe they may just get to enjoy how the story unfolds Correlations are statistical measures of how movements in one asset will impact another asset The lower the correlation the more the price of one asset will move independently of the second Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries Ref 23211 281015 2 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity value of alts in suspenseful markets Select Article URL Close Alternatives Central banking Economics Interest rates Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Asian property seeking excitement without danger All LPs are equal but some are more equal than others Paradox for emerging market positivity Alternatives Central banking Economics Interest rates Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/value-of-alts-in-suspenseful-markets (2016-04-26)
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  • A fly on the boardroom wall | Thinking Aloud
    strangely reticent to take a view on individuals and their contributions to a company Shareholders are presented each year with votes on directors and in many countries they have the opportunity to vote on all members of the board In most cases these appear like elections in dictatorships with universal acclamation and levels of support over 98 even where investors have concerns However these should not be wasted votes but must be considered and used actively When shareholders are able to express their view on the quality of individual directors they should In the absence of direct contact with directors shareholders have to fall back on proxies for quality and effectiveness This is why the debate on the independence of directors is such an active one Inevitably companies argue that the indicators investors use to assess independence are mechanical and may exclude directors who contribute the most However they do offer a basis for questioning individuals contributions These indicators can be crude and mechanical with occasionally arbitrary margins For example they may be based on tenure limits of around 10 years However each standard has a foundation in good sense Until shareholders can gain deeper insights into the quality and contribution of individuals these indicators of independence will naturally retain their prominence Thus with no realistic way of becoming a fly on the wall we have to rely on good old fashioned dialogue In markets where no tradition of dialogue exists between shareholders and directors we actively encourage companies to develop more opportunities for contact We have been highly encouraged by developments along these lines in many markets The main benefit of the introduction of votes on remuneration has been a better dynamic between shareholders and directors With no realistic way of becoming a fly on the wall we have to rely on good old fashioned dialogue This needs to be extended across a greater range of issues and across a greater number of markets Shareholders need to know the people who are delivering for them in the boardroom Ref 24533 021115 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity a fly on the boardroom wall Select Article URL Close Central banking Equities Interest rates Monetary policy North America Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Paradox for emerging market positivity ECB action kitchen sink or leaky tap for hedge funds Taking some risk off the property table Central banking Equities Interest rates Monetary policy North America Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen

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  • Lower Interest Rates for Longer | Aberdeen | Thinking Aloud
    have dropped dramatically which puts less pressure on inflation Without much of an increase in inflation there is little reason for central banks to raise interest rates So lower for longer is our stance at this time We believe there are plenty of reasons to believe rates will stay low for the near future and not many reasons for things to change anytime soon Important Information Fixed income securities are subject to certain risks including but not limited to interest rate changes in interest rates may cause a decline in the market value of an investment credit changes in the financial condition of the issuer borrower counterparty or underlying collateral prepayment debt issuers may repay or refinance their loans or obligations earlier than anticipated and extension principal repayments may not occur as quickly as anticipated causing the expected maturity of a security to increase This article was adapted from the recent Marketing Americas Media Summit held at Aberdeen s New York office on September 9 2015 Credit Michael Pitts Nature Picture Library Corbis Ref 24533 230915 3 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity interest rates lower for longer Select Article URL Close Bonds Central banking Fixed Income Interest rates Monetary policy North America Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Paradox for emerging market positivity ECB action kitchen sink or leaky tap for hedge funds Taking some risk off the property table Bonds Central banking Fixed Income Interest rates Monetary policy North America Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of the information may contain projections or other forward looking

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/interest-rates-lower-for-longer (2016-04-26)
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  • Modi-fying India | Thinking Aloud
    would also not be involved with the potential Free Trade Area of the Asia Pacific FTAAP If India is not able to join the TPP then it could lose out as other countries will benefit from these expanded multilateral free trade areas If India wants to be competitive more progress on these trade agreements will be required If India is not able to join the TPP then it could lose out as other countries will benefit 6 Implement the GST India has many states each with its own tax code Modi s proposed goods and sales tax GST will mean producers pay one uniform national tax rather than several layers The benefits are better tax compliance and a broader tax base Unfortunately progress has been slow and Congress support of the Bill has been lacking However we don t view this as a major concern yet as other reforms including the bankruptcy code and land reform are more important to India s development The Indian PM has a state visit to the UK in November with a planned talk at London s 70 000 capacity Wembley Stadium sold out His popularity remains high at home but there is also a growing perception among the public and investors that Modi and his government need to drive forward with much needed reforms While Modi has impressed with rousing rhetoric abroad his actions at home will determine his lasting legacy 1 Source Bloomberg 2 Republic of India Ministry of Statistics and Programme Implementation Census and Planning Commission Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries This article was originally published in Money Marketing Magazine on October 22 2015 Ref 23211 261015 1 Credit STEPHEN LAM Reuters Corbis Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity modi fying india Select Article URL Close Asia ex Japan Developing Economics Monetary policy Political risk Politics Related Articles Japan why faltering reforms shouldn t hide corporate achievements Asian property seeking excitement without danger Paradox for emerging market positivity Fighting off China s cold ECB action kitchen sink or leaky tap for hedge funds Asia ex Japan Developing Economics Monetary policy Political risk Politics Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/modi-fying-india (2016-04-26)
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  • Much Ado about Emerging Markets | Aberdeen | Thinking Aloud
    if these countries will ever reach their potential Global markets are being driven by the actions of central banks right now specifically on the moves of cutting interest rates to ultra low levels and using exceptional policy tools like quantitative easing QE Giant sums of money have been pumped into the financial system in an effort to stimulate economic activity Although QE has driven up the price of bonds and shares we wonder how much impact the policy has actually had on the real economy Regardless of that what s happening with the central banks is not necessarily a damper on fundamentals The central banks will eventually need to start normalizing interest rates We expect the U S Federal Reserve Fed to begin doing that later this year We also expect central banks will stop adding to QE Once these processes are underway we believe the storm will clear and investors will refocus on company fundamentals This may then make the current markets an opportune time for investors to get into or stay in emerging markets Emerging market valuations are trading at a discount to developed equities Buying in cheap now could mean higher returns later That is why we remain confident that it s worth keeping the faith in emerging markets because the fundamentals remain strong valuations are at a discount and what emerging markets are facing now is a cyclical issue Sooner or later emerging economies will shift back That s how cycles work Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries Ref 23211 280915 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity much ado about emerging markets Select Article URL Close Asia ex Japan Central banking Developing Economics Equities Interest rates Long termism Related Articles Japan why faltering reforms shouldn t hide corporate achievements Asian property seeking excitement without danger Paradox for emerging market positivity Fighting off China s cold ECB action kitchen sink or leaky tap for hedge funds Asia ex Japan Central banking Developing Economics Equities Interest rates Long termism Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/much-ado-about-emerging-markets (2016-04-26)
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  • Argentina: there is no hand of God | Thinking Aloud
    the country s malaise is so severe that any policies that are remotely market friendly will help There s quite a lot they could do that would not be wildly complicated The problem is that Argentine leaders have a long history of not making difficult decisions The concern is that they will use such tactics to kick the can along the road rather than resolve the country s problems once and for all These candidates are more than aware that there are mid term parliamentary elections in 2017 Whoever wins will probably do so with a reasonably slim majority so they will want to consolidate power in those midterms Many a politician has deferred difficult decisions which will upset voters in favor of more voter friendly populism Choosing this route as Argentina has in the past would be a massive mistake There has always been a tendency for Argentine leaders to want to employ unorthodox political and fiscal policies against the advice of received wisdom It is almost as though they think some god like hand will steer fate their way and prove the doubters wrong Argentina doesn t need a hand of God It just needs sensible policies from a grounded leader Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks may be enhanced in emerging markets countries Ref 24533 221015 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity argentina there is no hand of god Select Article URL Close Bonds Developing Emerging Markets Fixed Income Related Articles Like the US the UK needs infrastructure capital EM corporate bonds what happened to the apocalypse Asian property seeking excitement without danger Paradox for emerging market positivity Central banks and broken promises Bonds Developing Emerging Markets Fixed Income Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy

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  • Renminbi Internationalization | Aberdeen | Thinking Aloud
    basket Chinese authorities have also recently announced the extension of the onshore renminbi trading hours to 11 30 PM Beijing time 10 30 AM Eastern time in order to ease the IMF s concerns on renminbi liquidity during trading hours The foreign exchange value of SDR basket currencies is calculated at 7 00 AM Eastern time by the IMF All in all China s financial reforms are expected to continue at a steady pace until the political leaders achieve their goal of genuine renminbi internationalization China s financial reforms are expected to continue at a steady pace until the political leaders achieve their goal of genuine renminbi internationalization The capital account opening will be a key element for hedge funds to capture direct opportunities This should result in a more freely accessible onshore equity market and the onshore bond and derivatives markets would become available to foreign investors for the first time Moving closer to a fully floating exchange rate mechanism would also increase currency trading opportunities as price moves wouldn t be constrained within the current 2 band Price trends would become increasingly driven by supply and demand as opposed to engineered by the Chinese authorities If China is successful in its aims we anticipate this endeavor could result in some attractive new macro trading opportunities for hedge funds Important Information Foreign securities are more volatile harder to price and less liquid than U S securities and are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries Investments in non traditional asset classes may be riskier than investments offered by other asset classes Ref 24533 211015 2 Social media Download share or print this page Copy link Email link Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity renminbi internationalization an opportunity for Select Article URL Close Alternatives Asia ex Japan Currencies Developing Economics Emerging Markets Monetary policy Politics Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital EM corporate bonds what happened to the apocalypse Asian property seeking excitement without danger All LPs are equal but some are more equal than others Alternatives Asia ex Japan Currencies Developing Economics Emerging Markets Monetary policy Politics Related Links Learn more about Aberdeen Contact Us This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with

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