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Asset Allocation Research for UK Advisers

the evolution of esg investing

30/6/2022

 
Elston's ESG spcialist, Andrea Acimovic, outlines the evolution of ESG investing.
Read in full

alternatives to bonds in a portfolio

23/6/2022

 
With inflation at current levels, nominal bonds will remain under pressure. We explore the more resilient alternatives within the bonds universe as well as property, infrastructure, liquid real assets and targeted absolute return funds.
For full article, see Trustnet.

UK inflation at 9.1%yy for May-22, a 40 year high

22/6/2022

 
Picture
[3 min read, open as pdf]
  • This is in line with 9.1%yy survey estimate…
  • … and an increase from 9.0%yy last month
  • Represents a new 40-year high
The latest UK inflation came in at 9.1%yy for May 2022, compared to 9.1%yy survey estimate.  This is up from 9.0%yy last month and is above expectations.
This is the highest UK inflation rate in 40 years.  Higher prices for energy, motor fuel, and clothing explained for half of the increase in prices. Inflation pressure is not yet peaked with Bank of England expecting 11% in 4q22 and a further step-up in the retail energy price cap.

war or peace? Politicans, and bankers, should fight inflation

17/6/2022

 
Picture
 [5 min read, open as pdf]
  • Rate hikes can slow easy money, but can’t stop price inflation
  • Choking off growth would be a policy own-goal
  • Inflation is a problem, as long as war is a problem
 
Markets entered panic mode this week on fears, that all three “macro” factors – Growth, Interest Rates and Inflation – are all heading the wrong direction.
  1. Inflation risk: This has been rising since September 2020 – aided by years of easy money from near-zero Interest Rates Policy and “Quantitative Easing”, abetted by supply-chain disruptions in the post-Covid restart, and finally ignited with the Russia/Ukraine war and sanctions blowback.
  2. Interest Rates: Policy error at the Fed through 2021 resulted from believing their own rhetoric that inflation was “transitory”.  Whether “been behind the curve”, or “asleep at the wheel”, Central Banks are now having to show they are playing catch up with assertive rate hikes.  Whilst tighter monetary policy will slow down lending and monetary inflation, it won’t do anything to stop price inflation.  That’s for the politicians to solve.
  3. Growth Risk: the combination of inflation (reduced spending power, lower disposable income), rising interest rates (higher mortgage costs is undermining consumer confidence and could trigger a recession. It is this latter risk that has rattled markets so much this week.

 Full article, open as pdf

The Elston “Big Five” UK Dividend Champions

14/6/2022

 
Picture
[5 min read, open as pdf]
 
  • Our quarterly update of the top 5 contributors to UK dividends
  • Based on the future, not the past
  • THIS MONTH: Energy to the fore!
 
Each quarter we are publishing the Top 5 holdings of our Elston Smart-Beta UK Dividend Index.  These are the UK’s largest dividend payers as a proportion of the total dividend pool.

For full report  open as pdf

Why costs are the most powerful predictor of returns

13/6/2022

 
The costs of investing compound and have a negative impact on your ultimate return.  Henry Cobbe is interviewed by Investor's Chronicle.
Read in full

US inflation at 8.6%yy for May-22

10/6/2022

 
Picture
[5 min read, open as pdf]
  • This is higher than the survey estimate…
  • … and an increase from 8.3%yy last month
  • Represents the highest level in 40 years

The latest US inflation came in at 8.3%yy for May 2022, higher than survey estimate.
This is up from 8.3%yy last month, and is topping expectations.
Gasoline prices jumped by 49% compared to May 2021. Higher prices of food and shelter also contributed to the highest US inflation rate in 40 years. Inflation pressure is broadening as energy and groceries prices surge.  
[For full article and charts, open as pdf]

Sector role reversal: pandemic winners, today’s losers

3/6/2022

 
Picture
[5 min read, open as pdf]
​
  • Pandemic winners are suffering a fall from grace
  • Inflation risk is re-rating frothily valued sectors
  • Market uncertainty driving investors to dependable businesses
 
The uncertainty of the current market environment is prompting a pivot away from sectors that have served investors well, in many cases since the financial crisis but particularly during the Covid-19 pandemic. With inflation rampant, commodity prices spiralling, supply chains choked and the much relied-on ‘Fed Put’ (whereby central banks rescue markets by flooding them with liquidity) a thing of the past, investors are rotating away from Technology and Real Estate and into traditionally “boring”, but dependable sectors like Industrials, Materials and Energy. 

For full article, see pdf

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 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 Portfolios >
      • Our Portfolios
      • Adaptive Portfolios
      • Retirement Portfolios
      • Sustainable Portfolios
      • Multi-Asset Income
      • All Weather Portfolio UK
      • Money Market Portfolio
    • Custom Portfolios >
      • Custom Portfolios
    • CGT Solutions >
      • Our CGT Solutions
      • GIA Portfolios
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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
      • Sector Equal Weight
      • UK Equity Income
      • Liquid Real Assets
      • Gold and Precious Metals
      • Custom Indices
  • WHO WE HELP
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  • Insights
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