Garry Evans

Garry Evans

Global Asset Allocation

Competitive Advantage

BCA's GAA service is designed to focus on the medium and long-term prospects for asset classes and their components, and what this means for portfolio construction. Our models, which are only a starting point for our analysis, cover the asset class decision, as well as country selection.


We use the principles of behavioral finance and view the world in three time frames: the tactical runs from 0-3 months, the cyclical is our 3-12 month view, while our secular outlook extends over 1-5 years. The primary emphasis of GAA is on the cyclical viewpoint, which forms the basis of our portfolio construction. Within our cyclical analysis we focus on value, liquidity and economic/profit momentum. Our recommendations are guided by our quantitative models, but we also use our subjective judgement to identify structural turning-points. Our recommendation matrix includes equities by region and sector; government, corporate and high-yield bonds; plus commodities and a currency overlay. We also analyze and recommend positions in alternative assets, such as real estate and private equity.


There are three delivery mechanisms for the Global Asset Allocation service:

  • The first is Quarterly reports that cover all the major asset classes globally. These are backed up with Monthly reports to update the most recent Quarterly document. Emphasis is placed on where we have added value - as well as where we have fallen short - and our performance in the model portfolio is reviewed as to hold us accountable.
  • Our Special Reports represent the second delivery tool. We have written on such diverse topics as how we apply the principles of behavioral finance, sector versus country effects, a series of indicators to monitor for the onset of an equity bear market, as well as the role of hedge funds, among many others.
  • We can extract any part of our process and highlight its relevance to you. This constitutes the third delivery mechanism - our interaction with clients. We can tailor calls and visits, review your portfolio against the BCA view and/or act as a sounding board for your allocation issues.

Garry Evans, Senior Vice President

Garry Evans joined BCA Research in August 2015 and is currently BCA's Senior Vice President, Global Asset Allocation and EM Equity Sector Strategy. He was previously Managing Director and Global Head of Equity Strategy at HSBC, based in Hong Kong. During 16 years at HSBC, Garry also worked as Japan Strategist, Asia-Pacific Strategist, and Head of Research in both Tokyo and Hong Kong. Garry started his career at Euromoney Institutional Investor (BCA's parent company) and was Editor of Euromoney Magazine from 1990 to 1998. He has an MA in Asian Studies from Cambridge University, and undertook postgraduate studies in economics at Kyoto University in Japan.

Click here to contact our Client Services department for more information.

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