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Tactical Positioning In recent Bulletins we mentioned our interest in infrastructure as an investment theme, particularly in the US. We have already seen increased spending in a number of States and President Trump is likely to push for increased infrastructure spending in his re-election campaign. We expect that civil engineering/construction, utilities and transport companies could […]
Tactical Positioning We wrote at the end of September that we believed that the US-China trade issues might be ‘gently de-fused’ and that this should provide some upside to Asian stock markets. Following a meeting of trade delegates, a ‘partial deal’ seems to have been achieved, improving investor sentiment across the board. The whole issue […]
Tactical Positioning The Japanese equity market was the best performing major stock market over the last month, which may have been reflective of attractive valuations and a weaker yen. Overall, we have a broadly neutral view on this market, whereas we speak to many investors who have dismissed Japanese equities as unworthy of investment in the […]
Tactical Positioning Investor sentiment changed rapidly over the first two weeks of the month with the negative malaise of August being replaced by broader optimism. We have not made any major tactical changes, having maintained our faith in equity markets despite the increase in volatility, given that falling interest rates and additional monetary stimulus are […]
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 […]