Penrich Capital

Penrich Capital is a global financial institution which invests in the major financial markets of the world. We were established in 2004 by a team of investment professionals with an average of 20 years of experience in markets around the globe.

We manage the Penrich Global Macro Fund, a hedge fund which operates in the major developed markets investing primarily in fixed income and foreign exchange. The fund has a track record of seven years with returns averaging close to 10% per annum. Our investments are based upon in-house research of economic and political issues in the largest countries of the world.

Recent Penrich Publications

Euro Area Economics
Growth was slowed to 1% in 2011 and was stagnant in the second half of the year
Employment has been growing but the unemployment rate has risen towards 11%
Rising energy prices has propelled inflation back above the ECB's 2% target
The trade position and the external accounts are in approximate balance
Governments have deficits averaging near 4% of GDP but there are large divergences

Swedish Economics
Economic growth accelerated towards 8% in 2010 and has been close to 5% this year
Employment has grown 2% in the past year and unemployment has declined towards 4%
Rapidly risng oil prices have lifted inflation above the Riksbank's target of 2%
The current account surplus in the past year was equivalent to 8% of GDP
The government accounts have showed a deficit of less than 1% of GDP in the past year

US Markets
The USD is below its historical norms against all major currencies except GBP
Fed Funds are priced to remain unchanged until 2014
10 year bond yields are near 2% which is a multi-decade low
Equities generated a return of 5% in the past year, exceeding all other major markets

Swiss Markets
The CHF is substantially above its historical norms
90 day interest rates are priced to stay near zero during the coming year
10 year bond yields are below 1% and are the lowest of the major economies
Equities have risen recently but still incurred a loss of almost -5% in the past year

Investing in the Euro Area
Short-term rates are very low and are likely to rise
Bond yield divergences will narrow with Bund yields probably rising
The euro is not under any obvious major pressure to rise or fall

Investing in the USA
Short-term interest rates may not remain low for as long as markets are pricing
Bond yields are unsustainably low and are likely to rise
The currency is too low and will rise, particularly when interest rates rise

Recent Penrich Publications
	Euro Area Economics Growth was slowed to 1% in 2011 and was stagnant in the second half of the year Employment has been growing but the unemployment rate has risen towards 11% Rising energy prices has propelled inflation back above the ECB's 2% target The trade position and the external accounts are in approximate balance Governments have deficits averaging near 4% of GDP but there are large divergences Swedish Economics Economic growth accelerated towards 8% in 2010 and has been close to 5% this year Employment has grown 2% in the past year and unemployment has declined towards 4% Rapidly risng oil prices have lifted inflation above the Riksbank's target of 2% The current account surplus in the past year was equivalent to 8% of GDP The government accounts have showed a deficit of less than 1% of GDP in the past year

	US Markets The USD is below its historical norms against all major currencies except GBP Fed Funds are priced to remain unchanged until 2014 10 year bond yields are near 2% which is a multi-decade low Equities generated a return of 5% in the past year, exceeding all other major markets Swiss Markets The CHF is substantially above its historical norms 90 day interest rates are priced to stay near zero during the coming year 10 year bond yields are below 1% and are the lowest of the major economies Equities have risen recently but still incurred a loss of almost -5% in the past year

	Investing in the Euro Area Short-term rates are very low and are likely to rise Bond yield divergences will narrow with Bund yields probably rising The euro is not under any obvious major pressure to rise or fall Investing in the USA Short-term interest rates may not remain low for as long as markets are pricing Bond yields are unsustainably low and are likely to rise The currency is too low and will rise, particularly when interest rates rise