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

Australian Economics
Growth was close to 3% in 2010 but slowed into 2011, partly through natural disasters
Employment has been growing by 2% per year and the unemployment rate is below 5%
Rising oil prices have lifted inflation back above the RBA's 2%-3% target
High export prices have reduced the external deficit which is currently near 3% of GDP
The fiscal deficit has been close to 5% of GDP in each of the past two years

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 well below its historical norms
Fed Funds are priced to remain unchanged until 2014
10 year bond yields are near 2% which is a multi-decade low
Equities have generated a return of just above 0% in the past year

Swiss Markets
The CHF is substantially above its historical norms
90 day interest rates are priced to become negative during the coming year
10 year bond yields are below 1% and are the lowest of the major economies
Equities have generated a loss exceeding -10% in the past year

Investing in the UK
Short-term rates will be low for some time but need to rise
Bond yields are unsustainably low and will rise with global yields
The pound is extremely low and may appreciate substantially

Investing in NZ
Short-term interest rates will probably rise through the coming year
Bond yields are likely to increase by less than global yields
The currency is high in trade-weighted terms and may fall

Recent Penrich Publications
	Australian Economics Growth was close to 3% in 2010 but slowed into 2011, partly through natural disasters Employment has been growing by 2% per year and the unemployment rate is below 5% Rising oil prices have lifted inflation back above the RBA's 2%-3% target High export prices have reduced the external deficit which is currently near 3% of GDP The fiscal deficit has been close to 5% of GDP in each of the past two years 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 well below its historical norms Fed Funds are priced to remain unchanged until 2014 10 year bond yields are near 2% which is a multi-decade low Equities have generated a return of just above 0% in the past year Swiss Markets The CHF is substantially above its historical norms 90 day interest rates are priced to become negative during the coming year 10 year bond yields are below 1% and are the lowest of the major economies Equities have generated a loss exceeding -10% in the past year

	Investing in the UK Short-term rates will be low for some time but need to rise Bond yields are unsustainably low and will rise with global yields The pound is extremely low and may appreciate substantially Investing in NZ Short-term interest rates will probably rise through the coming year Bond yields are likely to increase by less than global yields The currency is high in trade-weighted terms and may fall