KKR Releases “Asia: Pivot Required” by Henry H. McVey
October 13 2016 - 7:00AM
Business Wire
New Macro Report Discusses Adopting a Different
Approach to Investing in Asia
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:
1. Emerging market equities, including Asia, may be finally
bottoming 2. Larger consumer economies across emerging
markets, Indonesia in particular, are likely to see expanded
valuations in the near-term 3. Right now in Asia, GMAA is
most inclined to sell simplicity and buy complexity 4. Some
of the best opportunities in Asia may not actually be in Asia these
days 5. India: GMAA favors credit over equities in a solid
Prime Minister Narendra Modi-driven macro environment 6.
Regional risks include valuations in China’s private TMT sector as
well as overreach concerns surrounding the Bank of Japan
Links to access this note as well as an archive of Henry McVey's
previous publications follow:
- To read the latest Insights: click
here.
- To download a PDF version: click
here.
- To download the KKR Insights app for
iOS click here, and for Android click here.
- For an archive of previous publications
of Insights and Thoughts From the Road: click here.
About Henry McVeyHenry 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 KKRKKR 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161013005450/en/
KKRKristi Huller / Cara Kleiman, 212-750-8300media@kkr.com
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