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Asset Allocation Research for UK Advisers

INFLATION IS THE ENEMY

19/5/2022

 
Picture
[5 min read, open as pdf]
  • How did we get here?
  • What is the impact?
  • Where do we go from here?
Markets and major economies are in a state of uncertainty in the context of rising inflation, rising interest rates and a risk to economic growth.  How did we get here? What is the impact?  Where do we go from here?
Read full article with charts

UK inflation and sterling pressure

18/5/2022

 
Picture
[5 min read, open as pdf]

  • UK inflation hits 40 year high
  • Bank of England has been behind the curve
  • Sterling under pressure – how to protect against inflation
 
Inflation hits 40 year high
UK inflation figures came out today with a print of +9.0%yy (April), from +7.0% (March) and slightly below +9.1%yy consensus estimate.
This is the highest level in 40 years, putting renewed focus on the “cost of living crisis”.  Rising energy and food costs are the primary drivers, linked to the sanctions regime and the Russia/Ukraine war.
The Bank of England has been “behind the curve” as regards to inflation risk.  A look at inflation guidance contained in recent Monetary Policy Committee (MPC) minutes shows.  Near-term inflation guidance has consistently under-estimated inflation since August 2021 – rising from “above 2%”, to 4%, 6%, 8%,, 9% and now 10%.
Read full article with charts

How platforms' multi-asset funds compare

12/5/2022

 
Comparing multi-asset funds teaches us about platforms and asset allocation.
​Read in full

Remapping Europe’s energy supply

9/5/2022

 
Picture
[5 min read, open as pdf]
  • Weaning Europe off Russian oil & gas has become a political goal
  • For key EU economies, it could prove to be a challenge
  • The process will take time and money and will result in higher prices
 
As a result of the Russia/Ukraine war, there is a political goal to reduce European dependency on Russian oil and gas supplies and to reduce the indirect financing of the Russian economy.
We explore this topic further in conversation with Nadia Kazakova of Renaissance Energy Advisors.

Hedging currency risk requires clear policy

5/5/2022

 
Picture
[5 min read, open as pdf]

  • Currency hedging approach is key to asset allocation design
  • Strategically we believe equities should be unhedged
  • Volatile Sterling distorts equity returns

Should equity returns be hedged into investor’s base currency?  We don’t think so.  From a UK perspective, part of the risk-return opportunity of global equity investing is a diversified revenue stream from multiple currencies.
Read full article as pdf

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© COPYRIGHT 2012-25. ALL RIGHTS RESERVED.
 Elston Consulting Limited (Company Registration Number 07125478) is registered in
England & Wales, Registered address:  1 King William Street, London EC4N 7AF
  • WHO WE ARE
    • About
    • Our Journey
  • WHAT WE DO
    • Elston MPS >
      • Our Portfolios
      • Adaptive Portfolios
      • Retirement Portfolios
      • Multi-Asset Income
      • Money Market Portfolio
    • Custom MPS >
      • Custom Portfolios
    • CGT Solutions >
      • Our CGT Solutions
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      • Direct Gilts
    • Adviser Support >
      • Our Adviser Support
      • CIRP
      • Investment Committee Support
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      • Analytics, Factsheets & Reporting
      • CPD
    • Fund Solutions >
      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our Indices
      • Elston Multi-Asset Indices
      • Sector Equal Weight
      • UK Equity Income
      • Liquid Real Assets
      • Gold and Precious Metals
      • Custom Indices
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
  • Insights
  • Contact