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admin_fdstudio
February 17, 2021

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ESLA Opinion Report

admin_fdstudio
February 16, 2021

The long awaited ESLA Bond has finally been opened to investors and as is expected with all novel products, the industry has received this announcement with mixed opinions. While risk-averse investors are concerned about the non- sovereign nature of the bond and the accompanying price guidance, pension fund managers are pleased with the creation of […]


CIO Memo

admin_fdstudio
August 31, 2020

As lockdowns ease, the chasm between market irrational exuberance and the high level of uncertainty resulting from both the epidemiological and economic standpoint should unnerve long term investors. Global markets have rallied sharply from the panic-fueled sell-off at the end of March 2020, but the economic and pandemic reality underpins our argument for a defensive […]


Investment Outlook

admin_fdstudio
August 31, 2020

This document contains trade secrets and other confidential and proprietary information of IC Asset Managers (Ghana) Limited (“ICAMGH” or the “Firm”). Accordingly, this document is confidential and is intended solely for the individual or entity to which it is delivered by or on behalf of ICAMGH for information purposes only. Download PDF


Bull’s Eye

admin_fdstudio
August 31, 2020

With a build-up in equity portfolio inflows since the start of the year amid improved corporate earnings, one would have expected a slightly bullish undertone to trading on the Accra bourse in 1Q2020. Instead, Ghanaian equities remain mired in negative territory (-4.3%) with losses quickly steepening in the closing sessions of the quarter as sellers […]


Rates Compass

admin_fdstudio
August 31, 2020

With a grim fiscal outlook since the COVID-19 pandemic and oil price collapse, one would expect treasury yields to spike. Instead, yields on treasury securities have declined from 22.0% in March to 19.50% in May on account of an unprecedented monetary and fiscal stance at keeping financial conditions stableDownload PDF  


2020-04-08 Bull’s Eye

admin_fdstudio
August 30, 2020

With a build-up in equity portfolio inflows since the start of the year amid improved corporate earnings, one would have expected a slightly bullish undertone to trading on the Accra bourse in 1Q2020. Instead, Ghanaian equities remain mired in negative territory (-4.3%) with losses quickly steepening in the closing sessions of the quarter as sellers […]


2019-08-12 CIO Letter -2Q2019

admin_fdstudio
August 30, 2020

Active fund managers often find transient market volatility to be thrilling as the short-term dislocations become stimuli for alpha. This was the case in 1Q2019 as we took advantage of the temporary dislocation in the yield curve brought on by currency weakness. Download PDF


2019-04-30 CIO Letter -1Q2019

admin_fdstudio
August 30, 2020

Financial markets in 1Q2019 swung widely as assets repriced across the board amid mixed signals from global economic activity and an unstable local currency. It appears that investors reacted more to speculation as markets seemed to have priced in a lot more risk than the fundamentals would suggest.   Download PDF


2018-10-08 CIO Letter

admin_fdstudio
August 30, 2020

With the exception of Europe, global economic growth increased over the quarter; however, macro risks remain high. Trade tensions have escalated and that has put the spotlight on pre-existing weaknesses in some emerging markets (EM).   Download PDF