Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

All-round Multi-Asset investor. Former head of a EUR 5 billion multi-asset fund range. Speaker. Charts & Frameworks. Founder of True Insights, a provider of independent investment research, trade ideas & well-diversified portfolios.
https://true-insights.net/

Global Multi-Asset Investment Strategist

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Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Macroeconomics

<ul>
<li>Chinese Local Government Financing Vehicles, representing roughly 50% of the total Chinese government debt, face a maturity wall of CNY 5.5 trillion this year.</li>
<li>We expect no official defaults, implying an ongoing accommodative stance of the PBoC, further diverging from monetary policy in the rest of the world.</li>
<li>A ‘kick the can down the road’ strategy, keeping insolvent LGFVs artificially alive results in misallocation of capital, lower GDP growth, lower inflation, and pressure on risk assets.</li>
</ul>


Chinese Local Government Financing Vehicles, representing roughly 50% of the total Chinese government debt, face a maturity wall of CNY 5.5 trillion this year.
We expect no official defaults, implying an ongoing accommodative stance of the PBoC, further diverging from monetary policy in the rest of the world.
A ‘kick the can down the road’ strategy, keeping insolvent LGFVs artificially alive results in misallocation of capital, lower GDP growth, lower inflation, and pressure on risk assets.


Chinese LGFVs Contribute to Lower Growth and Disinflation