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Insights.

NAVIGATING SECTORS: TURBULENT FINANCIALS

30/3/2023

 
Picture
[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

 
Picture
  • 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]

CoCO BONDS: ARE YOU EXPOSED?

23/3/2023

 
Read the Citywire article

Tracking the tremors

21/3/2023

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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

UKĀ INFLATION UPDATE (Jan-22)

16/2/2023

 
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

 
Picture
[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

 
Picture
[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

 
Picture
[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

 
Picture
[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)

UKĀ 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

 
Picture
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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  • WHO WE ARE
    • About
    • Contact
    • Events
    • Press
  • WHAT WE DO
    • Portfolio Solutions >
      • Our Portfolios
      • Custom Portfolios
    • Fund Solutions >
      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our indices
      • Custom Indices
    • SPECIALIST STRATEGIES >
      • Money Market Funds
      • Retirement Income Solutions
      • Retirement Portfolios
      • Adaptive Portfolios
      • UK Equity Income
      • Multi-Asset Income
      • Liquid Real Assets
      • Dynamic Risk Parity
      • Gold and Precious Metals
      • Enabling Net Zero
    • Supporting Advisers >
      • Investment Committee Support
      • Regulatory Support
    • CPD
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
    • Fund Providers
  • Insights