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Tactical Positioning We made no major tactical changes in the last two weeks but are looking at a number of themes that could be included in portfolios in the coming months. With borrowing rates at generationally low levels, some countries (including the US) are considering issuing very long dated bonds (30, 50 or even 100 […]
Tactical Positioning August is traditionally a holiday month and often a volatile one for markets, because stock market trading volumes are typically lower than normal, meaning that transactions have a disproportionate impact on prices. This month markets have certainly been volatile as investors worry from to tweet to tweet about whether the US/China trade war will […]
Tactical Positioning Equity markets fell during the second half of July, primarily owing to concerns that economic growth is slowing and that monetary authorities may not loosen policy sufficiently to prevent a slowdown in growth becoming a recession. In recent years, equities have been supported by enough economic growth to enable corporate earnings to grow, […]
Tactical Positioning Despite England being knocked out of the semi-final of the FIFA Women’s World Cup, the first two weeks of July were kind to sports fans in the UK, particularly so over the weekend, with a Lewis Hamilton win at Silverstone, the longest Wimbledon men’s final, and an extraordinary and nail-biting final between England […]
On Monday 24 June, we held our half yearly “Meet the Investment Committee” meeting at the Mandarin Oriental Hyde Park. Daniel Pinto and Jonathan Bell gave an update on the current investment environment and our keynote speaker was Lord Browne of Madingley, who had a discussion with Daniel about the theme of his latest book; Make, Think, Imagine: Engineering […]
Tactical Positioning In our mid-month Bulletin we mentioned the growing optimism that the G20 meeting, held at the end of last week, might deliver a ceasefire in the China/US trade ‘spat’. We discuss the outcome and its impact below. However, looking at market behaviour over the last few months, it is becoming clear that monetary […]
Tactical Positioning We wrote in the last bulletin that a number of factors provide support to equity prices with high dividend yields relative to interest rates being one of them. Since then, there has been a solid rebound in markets and sentiment has improved. In the short-term, investors will now move their focus to the […]
Tactical Positioning Across many regions, bond yields have fallen during the past two weeks; the US 10-year Treasury yield, for example, has fallen from 2.37% to 2.12%. This was caused, in part, by investors switching out of risk assets into bonds, but it also comes as a reaction to falling inflation expectations. For equity investors, […]