Penrich Capital                   

 

 

 

 


Global Research, Global Investing

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

Economics  The US fiscal deficit remains very high        Fiscal concerns are generally localised
             Canada's growth has rebounded solidly        The UK's fiscal deficit is very large
             Japan has fallen back into recession        The strong franc is having an impact
             Commodity prices are supporting Australia        Growth was above 5% in 2010 and 2011
             Earthquake rebuilding will support NZ        Inflation has declined below target

Markets  Interest rates and the USD are very low        Bond yields are widely divergent
             CAD is high in trade-weighted terms        Interest rates and GBP are very low
             JPY is near historical norms in real terms        Swiss yields are the lowest in the G10
             AUD is very high by historical standards        All bond spreads are lower than normal
             NZ yields are the highest in the G10        Bond yields are at multi-decade lows

Investing  The US dollar is too low and will rise        Spreads will narrow with Bund yields rising
             CAD will fall when the USD rises        GBP could appreciate substantially
             Yields will rise by less than global yields        Yields are unsustainable and will rise
             AUD is high but may not be overvalued        Interest rates are highly likely to rise
             Short-term interest rates are likely to rise        Yields will rise in line with global yields