At a recent conference, managers from the Kairos multi-manager team were able to hear one of the most authoritative figures in international finance, George Soros, speak. The crux of his speech related to Europe, which he said remains a debt prison for the periphery countries. Although normalization has recently begun, the divergent trend between countries will stay in place until the disparate costs of financing for companies in the various countries aligns. In any case, an improvement has been seen in the periphery after the dramatic situation until not long ago.
Based on a vision formed not only through the attentive study and analysis of global socio-political and financial dynamics, but his in-depth, direct familiarity with many relevant situations and geographical areas as well, Dante Roscini, Professor of Business, Government and International Economy at Harvard Business School, gives a broad overview of current – and not only economic and financial – world dynamics.
Japan promises to be one of the financial investment world’s brightest stars in 2014 according to Michele Gesualdi, the manager who heads Kairos Partners’ multi-manager team and keeps a close eye on geographical and economic scenarios day in and day out as he puts together the Milanese investment boutique’s offer of multi-manager funds.
Spain and Greece have paid – and are still paying – the price of their sins, and a few opportunities are beginning to take shape on the horizon, notes David Grazzini, manager of Kairos Partners’ KIS Small Cap fund. He is based in London but more often than not you’ll find him traveling the world over to check out new opportunities and verify whether choices in place are still up with the times.
Dynamic asset allocation, affirmed and emerging talents, research conducted directly in London and New York, “because we have always believed that being where interesting new players are up and coming is what makes the difference”. Not to mention the meetings, countless meetings – over 2,500 alone in 2013, ten times the industry average – in which we learn more about managers and opportunities that we must often hunt for in the niches.
In a wide-ranging article on Italy’s polical state of affairs, along with expectations and concerns surrounding the country’s economy and crucial issues for its future, published in the Financial Times on 4 February, Paolo Basilico was quoted as saying, “We do not want politically driven choices”. Asked to comment on investors’ point of view, Basilico – who is Chairman and CEO of Kairos Partners – noted that, in politics as in other things, it takes time to build anew.
Germany is, more or less, the usual train in motion. On the other hand, emerging countries are disappointing. And the disappointment is all the more bitter given how high are expectations were. David Grazzini, manager of Kairos Partners’ KIS Small Cap fund reports back after a recent trip with stops in various European countries to hear from and discuss with local managers, top management of large companies and investors.
No systemic risk at European level, a seemingly convincing revitalization of the US economy and renewed confidence in equities, these are some of the highlights that Livio Dalle, Kairos Partners Senior Portfolio Manager, believes could realistically characterize the year just begun. Now that 2013 is under the bridge, all focus has turned to what we can expect in the months ahead and how to act accordingly.
With the year 2013 just ended and already in the distant past, financial markets opened the new year with a different and, finally, more balanced approach. Where does the credit lie? “Mostly with the Federal Reserve,” says Vittorio Fontanesi, a member of Kairos Partners’ management team. “The US central bank has provided genuine support to rebalancing the market with the soft tapering implemented in December.