New Macro Report Discusses Adopting a Different Approach to Investing
in Asia
NEW YORK–(BUSINESS WIRE)–
KKR, a leading global investment firm, today announced the release of Asia:
Pivot Required, a new macro Insights piece by Henry H. McVey, KKR’s
Head of Global Macro and Asset Allocation (“GMAA”).
“A recent trip to Asia was probably the most interesting one I have had
in years,” Henry McVey said. “Beyond a rapidly changing macro outlook
for the region, the tools required to be a successful investor there are
changing too. Overall, we left with the view that both public and
private equity are poised to do well during the next three to five
years; however, the opportunity set is definitely evolving. The skill
set needed to generate investment success in Asia requires more global
focus, more operational expertise, and more local industry knowledge.”
In his latest report, Henry McVey outlines the following
investment conclusions from his trip for the macro and asset allocation
community:
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1. Emerging market equities, including Asia, may be finally bottoming
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2. Larger consumer economies across emerging markets, Indonesia in
particular, are likely to see expanded valuations in the near-term
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3. Right now in Asia, GMAA is most inclined to sell simplicity and
buy complexity
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4. Some of the best opportunities in Asia may not actually be in
Asia these days
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5. India: GMAA favors credit over equities in a solid Prime Minister
Narendra Modi-driven macro environment
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6. Regional risks include valuations in China’s private TMT sector
as well as overreach concerns surrounding the Bank of Japan
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Links to access this note as well as an archive of Henry McVey’s
previous publications follow:
About Henry McVey
Henry H. McVey (New York) joined KKR in
2011 and is Head of the Global Macro and Asset Allocation team. Mr.
McVey also serves as Chief Investment Officer for the Firm’s Balance
Sheet. Prior to joining KKR, Mr. McVey was a managing director, lead
portfolio manager and head of global macro and asset allocation at
Morgan Stanley Investment Management (MSIM). Prior to that, he was a
portfolio manager at Fortress Investment Group and chief U.S. investment
strategist for Morgan Stanley. While at Morgan Stanley, Mr. McVey was
also a member of the asset allocation committee, and the top ranked
asset management and brokerage analyst by Institutional Investor for
four consecutive years before becoming the firm’s strategist. He earned
his B.A. from the University of Virginia and an M.B.A. from the Wharton
School of the University of Pennsylvania. Mr. McVey serves as co-chair
of the TEAK Fellowship board of trustees and is a member of the Pritzker
Foundation and Lincoln Center Investment Committees.
About KKR
KKR is a leading global investment firm that
manages investments across multiple asset classes including private
equity, energy, infrastructure, real estate, credit and hedge funds. KKR
aims to generate attractive investment returns by following a patient
and disciplined investment approach, employing world‐class people, and
driving growth and value creation at the asset level. KKR invests its
own capital alongside its partners’ capital and brings opportunities to
others through its capital markets business. References to KKR’s
investments may include the activities of its sponsored funds. For
additional information about KKR & Co. L.P. (NYSE:KKR), please visit
KKR’s website at www.kkr.com
and on Twitter @KKR_Co.
The views expressed herein are the personal views of Henry McVey of
KKR, as Head of the Global Macro and Asset Allocation, and
do not necessarily reflect the views of KKR. References to “we”, “us,”
and “our” refer to Mr. McVey and/or KKR’s Global Macro and Asset
Allocation team, as context requires, and not to KKR. This information
is not research and should not be treated as research. It does not
represent valuation judgments with respect to any financial instrument,
issuer, security or sector that may be described or referenced herein
and does not represent a formal or official view of KKR. It is being
provided merely to provide a framework to assist in the implementation
of an investor’s own analysis and an investor’s own views on the topic
discussed herein. There can be no assurance that an investment strategy
will be successful. Historic market trends are not reliable
indicators of actual future market behavior or future performance of any
particular investment which may differ materially, and should not be
relied upon as such. This information should not be viewed
as a current or past recommendation or a solicitation of an offer to buy
or sell any securities or to adopt any investment strategy. References
to a target portfolio and allocations are hypothetical allocation of
assets and not reflect an actual portfolio. The views expressed herein
and discussion of any target portfolio or allocations may not be
reflected in the strategies and products that KKR offers or invests,
including strategies and products to which Mr. McVey provides investment
advice to or on behalf of KKR. It should not be assumed that Mr. McVey
has made or will make investment recommendations in the future that are
consistent with the views expressed herein, or use any or all of the
techniques or methods of analysis described herein in managing client or
proprietary accounts. This release may contain projections or other
forward‐looking statements. Neither KKR nor Mr. McVey assumes any duty
to update such statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161013005450/en/
KKR
Kristi Huller / Cara Kleiman, 212-750-8300
media@kkr.com
Source: KKR & Co. L.P.