 This article has been circulated to our UK adviser clients and will be published to our blog shortly.
As asset allocators we are aware of the surplus of funds in some areas, and glaring gaps in others. That’s why we maintain a wishlist which we share in our catch ups with fund houses. We are now making this public to drive industry engagement.
UK equity income stocks are lower valuation/value bias so provide diversification against higher valuations/growth bias inherent in US equity exposure.
With the dollar down 20% since 2022, hedging looks tempting. But UK debt, housing risks, and BOE policy suggest sterling could be even more vulnerable.
Parallels are drawn between the mid-1990s tech revolution and today's AI-driven surge in the US equity market. While valuations appear stretched, the underlying conditions are more measured than the dot com era. The US economy continues to show resilience with AI-led productivity gains and potential rate cuts shaping the outlook.
‘Income’ as an investment strategy should not be viewed as a catch-all. Drill down, and there are a variety of different strategies, each with their own outcome.
For UK financial advisers only
A lot has changed since Henry Cobbe called for greater Customisation of Model Portfolios by financial advisers back in 2018. Industry has heeded the call with Custom MPS being the fastest growing sub-set within the rapidly growing MPS market. Henry also outlined why he thinks Advisers, not DFMs, will win the race in Managed Portfolio Services (MPS) in this podcast with FT Adviser in July 2022. Over 90% of the approx £2bn in AUM managed by Elston Portfolio Management is in adviser-defined Custom mandates designed by Elston Consulting, who are leaders in this field. This excludes the approx £4bn in AUM of Elston Consulting's other DFM clients including a national advice firm. Co-manufacturing is soaring in popularity: in this workshop, Henry Cobbe explores what is it, and what are the risks in this article. 
Although the Bank of England cut rates, long-dated Gilts yields are rising (so their values are falling).
Whilst there have been structural and trading shifts driving Dollar weakness, there is downside risk to Sterling too.
We discuss the rationale for being overweight US Equities given the resilient economy and strong earnings growth outlook. But one manager's overweight can be another manager's underweight: it depends on your benchmark and how you define "Neutral."
While the theoretical case for private markets can look compelling, the practical realities are more complex and not without pitfalls.
There are some key issues investors need to consider, in our view, are: 1) illiquidity, 2) opacity and 3) fees and misaligned incentives. We explore each of these in turn. 
Andrea Acimovic (Elston) explores the evolving SDR rules and impact on MPS providers in our Elston Investment Forum 2025.
Read on for more details. 
Where next for the UK economy? Hermione Taylor outlines the challenges at our Elston Investment Forum 2025.
Read on for more details. 
Hermione Taylor, the FT Investor’s Chronicle Economist, shared her outlook for the UK economy at the Elston Investment Forum
Hoshang Daroga (Elston) and Natasha Sarkaria (BlackRock) discussed the outlook for markets at our June 2025 Elston Investment Forum. Watch the video or read on to find the key findings are summarised here.
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