Blog Posts

NAVIGATING SECTORS: TURBULENT FINANCIALS

30/3/2023

[5 min read, open as pdf]

Failure of SVB and Credit Suisse explored
Fears of systemic risk elevated
Reducing security-specific risk

Swiss miss: how should cocos be viewed now?

24/3/2023

Holders of Credit Suisse AT1 bonds have been wiped out
Retail fund managers have emerged as significant AT1 holders
Are these instruments appropriate retail investments?

Read the full article here [3 min read]

Tracking the tremors

21/3/2023

[3 min read - open as pdf]

Banking sector problems are firm-specific
Higher rates and stickier inflation are biting
Financial conditions are tightening

UK SPRING BUDGET 2023 UPDATE

17/3/2023

[5 min read, open as pdf]

Chancellor continues steady and uncontroversial approach
Incentives to get people back to work
Pension allowance changes are welcome news

SVB and US REGIONAL BANKS

14/3/2023

[5 min read, open as pdf]

SVB collapse triggers memories of the 2008 financial crisis
US Fed and government acts to restore faith in the banking system
Markets remain volatile but no indications of contagion

IS now the time for active?

3/3/2023

[5 min, open as pdf]

The active/passive debate is a hot topic again
Whilst active asset allocation is key to driving portfolio returns…
…active implementation using retail-long-only-single-asset-class-equity-funds (the focus of the debate) requires a more considered approach

LIQUID REAL ASSETS: FOR INFLATION DIVERSIFICATION

28/2/2023

[5 min read, open as pdf]

Our Liquid Real Assets Index strategy delivered on its objectives
Provides access to assets positively correlated with inflation
For a risk-constrained liquid approach to real asset diversification

DRY JANUARY, STICKY INFLATION

24/2/2023

[5 min read, open as pdf]

January inflation numbers for the UK and the US diverge
Fed and BoE continue to be hawkish on rate path
Inflationary pressure remains sticky

PRIVATE MARKETS: ASSETS, FEES & INTEREST RATES

24/2/2023

[5 min read, open as pdf]

Private Market Managers’ valuations hit in 2022 on rising rates
Sustained asset growth to 2030E supports positive outlook
Highly sensitive to US interest rate expectations

FTSE past 8,000 reflects strong global sectors, not the UK economy

17/2/2023

[5 min read, open as pdf]

The FTSE 100, broke through 8,000 for the first time
This is good news for investors…
…but the index is less related to the UK economy

UK inflation at 10.1%yy for Jan-23
This is lower than the survey estimate…
… and an decrease from 10.5%yy last month Represents falling inflationary pressures
For full update including charts, open as PDF

US INFLATION MODERATES TO +6.4% (Jan-22)

14/2/2023

US inflation at 6.4%yy for Jan-23
This is above the survey estimate of 6.2%...
… and a decrease from 6.5%yy last month
Lessening inflation pressures means US is past the peak

Open as pdf for full update including charts

Citywire: Headache for multi-asset investors as gilt fund risk ratings rise

13/2/2023

Read the article

Gold rallies on dollar doubts

10/2/2023

[3 min read, open as pdf]

Gold put in a late burst of performance in 4Q22
Central banks switched reserves away from the US dollar
Gold remains an important diversifier

Bonds are getting interesting

3/2/2023

[5 min read, open as pdf]

2022 was a year of dislocation for Bonds
Rates are peaking and inflation is past-the-peak
This means Bonds are getting interesting once again

We explore this further in our CPD webinar: "Investing for Income".

Sector dispersion creates a potential for alpha

27/1/2023

[5min read, open as pdf]

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 UPDATE (DEc-22)

18/1/2023

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

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Insights.

NAVIGATING SECTORS: TURBULENT FINANCIALS

Swiss miss: how should cocos be viewed now?

CoCO BONDS: ARE YOU EXPOSED?

Tracking the tremors

UK SPRING BUDGET 2023 UPDATE

SVB and US REGIONAL BANKS

IS now the time for active?

LIQUID REAL ASSETS: FOR INFLATION DIVERSIFICATION

DRY JANUARY, STICKY INFLATION

PRIVATE MARKETS: ASSETS, FEES & INTEREST RATES

FTSE past 8,000 reflects strong global sectors, not the UK economy

UK INFLATION UPDATE (Jan-22)

US INFLATION MODERATES TO +6.4% (Jan-22)

Citywire: Headache for multi-asset investors as gilt fund risk ratings rise

Gold rallies on dollar doubts

Bonds are getting interesting

Sector dispersion creates a potential for alpha

inflation is getting stickier

UK INFLATION UPDATE (DEc-22)

Citywire PODCAST: IS YIELD BACK?

ELSTON RESEARCH

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