Fw: What ‘Belt and Road’ Offers; E-Commerce Rises in Southeast Asia

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On Thursday, August 29, 2019, 09:00, Matthews Asia <info@matthewsasia.com> wrote:

Asia Perspective     The Promise of 'Belt and Road'   China's ambitious infrastructure initiative points to the potential of global cooperation.           Asia Perspective     E-Commerce Surges in Southeast Asia   Indonesia leads the way as the region finds new ways to connect to the retail economy.           Asia Snapshot     Emerging Asia in Full Bloom   Matthews Asia Portfolio manager Robert Harvey invests in economies with a long runway for growth. In a new profile, Robert discusses his career path and investment approach.           Stay updated     You should consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds carefully before making an investment decision. This and other information about the Funds is contained in the prospectus or summary prospectus which may also be obtained by calling 800.789.ASIA (2742). Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international and emerging markets. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Fixed income investments are subject to additional risks, including, but not limited to, interest rate, credit and inflation risks. In addition, single-country and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic location. Investing in small- and mid-size companies is more risky than investing in large companies as they may be more volatile and less liquid than large companies. The views and information discussed in this report are as of the date of publication, are subject to change and may not reflect current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Investment involves risk. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Past performance is no guarantee of future results. The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews International Capital Management, LLC ("Matthews Asia") and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information. Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC Matthews Asia Funds are distributed in Latin America by HMC Partners © 2019 Matthews International Capital Management, LLC Matthews International Capital Management, LLC Four Embarcadero Center, Suite 550 San Francisco, CA 94111 USA

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Fw: Real estate stocks and their place in your portfolio

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On Thursday, August 29, 2019, 02:02, Steadyhand Blog <info@steadyhand.com> wrote:

View this email in your browser Real estate stocks and their place in your portfolio by Scott Ronalds There's never a dull moment when it comes to President Trump's Twitter feed. Case in point, this post from last week: And just like that, real estate is in the news again. In what would likely go down as the biggest land deal in history, the President has expressed interest in purchasing the world's largest island, even though it's not for sale. Trump's expression of interest and Twitter tactics have irked the people of Greenland and Denmark (Greenland is an autonomous country of the Kingdom of Denmark). Danish Prime Minister Mette Frederiksen suggested that the idea of buying Greenland was "absurd" and hoped it was a joke, according to a BNN Bloomberg article. The President has pulled back for the time being, but where this all goes is anyone's guess. While musing over the whole thing with a client, she asked me what's a suitable level of exposure to real estate stocks in her investment portfolio. My answer: "It depends, but probably somewhere between 5-10%." It's a bit of a loaded question, as real estate has been a heated topic of discussion in Canada over the past decade and every investor's situation is unique. To be clear, my response referred to a reasonable level of exposure to real estate stocks (emphasis on stocks) in the equity portion of her portfolio and doesn't factor in a principal residence, vacation/investment properties, or land assets she may own. That adds another layer of complexity to the conversation. Suffice to say, if you own significant real estate assets in these forms, it's advisable to make sure any additional exposure in your investment portfolio is measured. For the most part, the asset class has been a solid performer, valuable diversifier, and steady source of income — although some investors may be overexposed if their portfolios are heavy on REITs (real estate investment trusts) and dividend stocks. See Tom's recent Financial Post article for more on the topic. Steadyhand investors have exposure to real estate through most of our funds (our Equity Fund is the only fund that doesn't currently hold any stocks in the sector). Our Income Fund focuses on Canadian REITs, while our equity funds lean more towards companies with a global footprint. Current investments include residential and commercial property owner/operators in Canada (e.g. Allied Properties REIT, Canadian Apartment Properties REIT, First Capital Realty); global developers (Kennedy Wilson, Dream Global REIT, Heiwa Real Estate); and a commercial real estate services company (Cushman & Wakefield). The weighting of real estate-related securities in our funds typically ranges from 4-8%, although it's been both lower and higher at times depending on prevailing opportunities. The Founders Fund currently has a 5% position (in its stock holdings). We think this modest level of exposure is sensible, as real estate investments can also carry risks that we haven't touched on, including liquidity and interest rate risk. The asset class can also be highly susceptible to swings in sentiment. And let's not forget, overdoing it on a specific sector can make any investor red in the face. Read in browser » Recent Articles: Dividend stocks are being touted as a substitute for bonds, but the reality is much more complicated Twenty years on, plus one Market update How millennial investors can learn from their parents' mistakes Are risk ratings getting less useful? Copyright © 2019 Steadyhand Investment Management Ltd., All rights reserved. You are receiving this email because you opted in at steadyhand.com. Our mailing address is: Steadyhand Investment Management Ltd. 1747 W 3rd Ave, Vancouver, BC, Canada Vancouver, BC V6J 1K7 Canada Add us to your address book unsubscribe from this list    update subscription preferences

Fw: Twenty years on, plus one

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On Tuesday, August 20, 2019, 02:01, Steadyhand Blog <info@steadyhand.com> wrote:

View this email in your browser Twenty years on, plus one by Scott Ronalds Last summer I wrote a reflection on some on the observations, tips and lessons I've learned over two decades working in this business. There were 20 in total (original, hey!). Here's the piece if you missed it. Well, another year has passed, and I thought I'd share one more. #21. This industry is slow moving, but it's likely to look much different 20 years from now. Technology and the field of psychology are primed to play big roles. What do I mean by this? First, money management is an Old World business. It's laden with regulations and powerful incumbents that have thwarted upstarts from disrupting the status quo. While other industries have been turned on their heads via technology and innovation (think retailing, music and taxis), the investment business, and financial services industry as a whole, hasn't changed much. And although there have been some technological advances, they haven't necessarily been good for the client (e.g. high frequency trading). Things are starting to get interesting though. The emergence of robo-advisors and other fintech firms are shaking things up with their focus on technology, apps and digital services. Silicon Valley's biggest resident, Apple, has entered the financial services space (Apple Pay and Apple Card) while rumours swirl that other innovators, including Google and Amazon, are eyeing the asset management sector. What's more, artificial intelligence (AI) is starting to enter the money management conversation, for better or worse. The other area where we're seeing interesting developments is in the field of psychology, and more specifically, behavioural economics. This is a relatively young field that focuses on the way the human mind operates and how various biases and heuristics impact our financial decision making. Some prominent books have been written on the topic, including Predictably Irrational (Dan Ariely), Thinking, Fast and Slow (Daniel Kahneman), and The Undoing Project (Michael Lewis). An increasing number of firms are putting resources into educating clients on good investing practices — through blogs, websites, campaigns and other means — and helping them avoid behavioural missteps such as recency bias, loss aversion and the bandwagon effect. As investors, our own behaviour has the biggest impact on our long-term returns (not stock picking prowess, asset allocation, or even fees), so a greater emphasis on behavioural economics could go a long way in 'lifting all boats'. It's an area that we're particularly interested in at Steadyhand — in fact, it's where the quirky name came from. This is also where artificial intelligence could play a role. For example, AI can be used to better understand investors' behaviours and help detect situations where they may be inclined to react adversely to a market event. Change won't happen overnight, but the investment industry is too big, too important (we all need a retirement fund), and too old school to simply stand pat. Read in browser » Recent Articles: Market update How millennial investors can learn from their parents' mistakes Are risk ratings getting less useful? A closer look at 'liquid alt' funds Lessons in brand nostalgia Copyright © 2019 Steadyhand Investment Management Ltd., All rights reserved. You are receiving this email because you opted in at steadyhand.com. Our mailing address is: Steadyhand Investment Management Ltd. 1747 W 3rd Ave, Vancouver, BC, Canada Vancouver, BC V6J 1K7 Canada Add us to your address book unsubscribe from this list    update subscription preferences