Blog Archives

Sector dispersion creates a potential for alpha

27/1/2023

Equity markets can experience dislocation
This increases dispersion between sectors
Higher dispersion increases potential for sector-selection alpha

In the context of dislocation, different sectors will perform in different ways to adapt to the changing macro and market regime.

inflation is getting stickier

20/1/2023

[5 min, open as pdf]

Inflation may be past the peak but not past the problem
UK Core inflation has not softened
Focus on where inflation rate will settle

For more on this topic see our CPD Webinar: Managing Inflation Risk (2023 update)

UK inflation at 10.5%yy for Dec-22
This is the same as the survey estimate…
… and an decrease from 10.7%yy last month
Represents falling inflationary pressures

For full update including charts, open as PDF

Citywire PODCAST: IS YIELD BACK?

18/1/2023

Wealth Manager's Ross Miller chats to Elston Consulting's Henry Cobbe. They discuss the return of yield and how it plays out across equities, bonds and alternatives.
Listen to the podcast

Past strong dollar's peak

13/1/2023

[5 min read, open as pdf]

Strength of US dollar in 2022 has helped contain US inflation
Its run may be over for now, but a weaker dollar will stimulate growth
Low merit in a tactical GBP hedge in absence of a catalyst for sterling

Diversification is the original concept behind the 60/40 portfolio but if bonds are increasingly correlated with equities, we need different sources of diversification
Advisers need to consider what they can do to boost resilience in the defensive side of a portfolio, without materially increasing risk budget
By allocating across different uncorrelated asset categories, advisers can attempt to moderate portfolio volatility

To learn more, read our article in FT Adviser:
https://www.ftadviser.com/investments/2023/01/09/alternatives-necessary-to-truly-diversify-and-protect-against-inflation/

Yield is back!

6/1/2023

[5min read, open as pdf]

After a decade of suppression, yield is back
Return of nominal (and real) yields forces asset repricing
Yield can help underpin returns in uncertain times

Insights.

Sector dispersion creates a potential for alpha

inflation is getting stickier

UK INFLATION UPDATE (DEc-22)

Citywire PODCAST: IS YIELD BACK?

Past strong dollar's peak

US inflation moderates to +6.5% (DEC-22)

NMA PODCAST: INFLATION IS HERE TO STAY...

alternatives necessary to truly diversify and protect against inflation

Yield is back!

ELSTON RESEARCH

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