Fund Management Monthly Commentary
|
|
- Edmund Walker
- 5 years ago
- Views:
Transcription
1 Fund Management Monthly Commentary Covering the month of September 2018 September Market Update Margetts monthly diary summarises major economic and market developments that occur over the month. It is written by the Fund Management team and supplements the weekly diary that is written in part by Capital Economics. September s EU summit in Salzburg highlighted how both sides in the Brexit negotiations are still far apart, and the chances of a no deal Brexit increased, which caused the largest one-day fall in Sterling against the Dollar in nearly 12 months. During the month, the UK government published its latest round of no deal Brexit planning documents, which conveyed how it could cause chaos. In addition, the Labour party conference members voted for a second Brexit referendum if parliament rejects the deal brought to them by the government, and if Labour cannot get a general election. The ballot paper may even include the option to remain in the EU. In the UK, CPI (Consumer Price Index) inflation surprised markets on the upside, and came in at 2.7%, up from 2.5% the month before. This was pushed up by higher costs of package holidays and new-season autumn clothing introduced by high street retailers. UK GDP growth was confirmed to be 0.4% in the second quarter of 2018, with service sector growth being stronger at 0.6%. Some commentators state that this is still below the long-term average and business investment data is weakening, whilst households are spending more than they are earning, and our trade deficit is worsening. We feel that Brexit is clearly a drag on consumer confidence, and whilst spending is growing faster than earnings there has been recent evidence of earnings beginning to rise more strongly especially with public sector pay caps being removed. During the month, the Brent Crude Oil price surpassed $81 a barrel for the first time since This was mostly driven by concerns that US sanctions on Iran could reduce global oil supply. The rising cost of oil acts as a tax on economies which are net importers of energy whilst providing a boost to exporters. China, the US, the EU, Japan and India are the largest net oil importers whilst Russia and Saudi Arabia are the largest net exporters together with the other OPEC countries. At the end of the month, equities fell after the Italian government announced that it would increase public spending, even though it already has very high national debt to GDP ratio of 131%, which is the second highest ratio in the Eurozone, behind only Greece. In early September, Amazon became the second ever company, after Apple, to reach a market cap of US$1 trillion. Amazon is a company which has changed many aspects of people s shopping habits and disrupted many industries. Whilst some stocks continued rising, other technology growth stocks have struggled. For example, since Facebook fell by nearly 20% in a single day in July, it has continued to fall, and ended September c. 24% below its peak value. In August, Elon Musk of Tesla published a tweet stating he had secured funding to take the company private at a valuation higher than its trading price, which sent the stock soaring. At the end of September,
2 the SEC filed a lawsuit accusing Elon Musk of committing securities fraud, and aimed to ban him from acting as a director of a publicly traded company. This sent the stock tumbling over 10% the next day, and by the end of September it was down c. 30% since its peak in Elon Musk later reached a deal with the SEC and agreed to pay a fine and step down as the chairman in return for keeping the CEO position. On 1 st October the stock has recovered following the announcement of the deal. We have mentioned Tesla in previous commentaries, as it is an example of a volatile growth stock with negative cash flows and a high market valuation, which could have benefited from the era of loose monetary policy and the availability of capital. The Federal Reserve continued to tighten monetary policy, and raised its base rate by 0.25% to the range of 2.00% to 2.25% in September, the highest level relative to other developed markets in many years. At the start of 2018, the markets were pricing in only a 20% probability that the Fed would have raised rates three times by now, however this probability crept up over the month. In September, bond markets have fallen, with IA UK Gilts returning -1.4% as yields rose. Corporate bonds performed slightly better, with the IA Sterling Corporate Bond sector delivering -0.6%. Many absolute return funds have continued to struggle, and the IA Targeted Absolute Return sector has returned close to 0% over the 12 months to the end of September, with many large funds having delivered negative returns over that period. Margetts continue to avoid these types of funds due to the inconsistency of their returns and performance profiles. The IA Japan sector was the strongest performing equity region over the month, rising by 2.4%. This was likely due to the Yen weakening against the US dollar, and assets flowing into Japanese equities as investors stayed away from the UK and the EU. This was mainly due to Brexit risks, worries over Italy s politics and investing less in Emerging Markets and North America due to trade wars. Meanwhile, IA UK Equity Income and IA UK All Companies returned -0.3% and -0.5%, respectively, and IA North America returned -0.2%. Weaker returns came from IA Europe ex UK which delivered -1.4%, IA Global Emerging Markets, returning -0.9%, and IA Asia Pacific ex Japan, which had the lowest return of - 1.6%.
3 Looking Ahead With regard to Brexit, Margetts believe that there is a high likelihood of a deal being agreed nearer to the end as both sides stand to lose out both economically and politically from a no-deal event. Our lower risk portfolios have a bias towards UK and Sterling assets, and are likely to outperform in the event of a Brexit deal being struck, which is also the outcome predicted by Capital Economics who we engage with. We expect there to be some volatility in markets as Brexit negotiations continue, the Fed maintains it quarterly interest rate increases and political risk remains high especially in relation to the US and trade wars which present both upside and downside market risk. The divergence of US equities against the rest of the world has been more significant than we expected and the risk of reversal is significant. The Margetts portfolios should benefit from this reversal of divergence which is related to three factors. Firstly the Fed increasing US interest rates, secondly trade wars causing a move towards repatriation of dollar assets and finally, the current level of earnings growth for US companies which is considered unsustainable given that the effects from tax cuts and spending are likely to be only temporary, while longer term levels of growth are expected to be similar to other global markets. In western developed countries, employment markets are tightening, inflationary pressures are rising and this fits in with our long term view that we are in a rising interest rate environment. Therefore, our overweight to short dated credit stance remains appropriate and has added to the relative performance over the past 12 months, as short dated corporate bonds have retuned c. 0.7%, whilst the IA Sterling Corporate Bond sector returned a lower c. 0.1%, and exhibited higher volatility and drawdowns over that period. Trade wars have benefitted US assets in terms of round 1, however a longer protracted position is likely to damage both sides and the Chinese economy is better positioned to see through a long term cold war from a trading perspective. The Chinese holdings in US Treasury bonds provide a clear reservoir of ammunition for the Chinese to deploy during a long term stand-off.
4 Margetts Risk Rated Funds The fund s current allocations are shown against the long term strategic allocation below. This reflects the short term views of the investment committee in relation to our longer term views. The strategic allocations for each of the funds can be found in the Appendix. Providence Cash Bonds UK Asia Pacific ex Japan The portfolio s general bias towards short dated bonds remains in place, and over the month this marginally added to the relative performance of the bond allocation as longer dated bonds have underperformed. The weakest bond holding over the month was Royal London Global Index Linked due to its longer dated positioning, but this fund acts as a diversifier in the portfolio and benefits from rising inflation. The weakest performing fund was Threadneedle UK Equity Income, however this fund experienced much better performance in previous months, and the long term track record is strong, so we currently have no concerns. Meanwhile, the Man GLG UK Income fund was the strongest performing fund in the UK equities allocation. It is positive to see that Premier Income has outperformed over the month, following weaker returns in previous months. The L&G Asian Income fund outperformed the IA Asia Pacific ex Japan sector, mostly due to its value bias and overweight to Australian equities. This fund continues to have a c. 4% dividend yield and is an effective diversifier to the portfolio.
5 Select Cash Bonds UK Europe ex UK North America Japan Asia Pacific ex Japan Emerging Markets The portfolio s general bias towards short dated bonds remains in place, and over the month this has marginally added to the relative performance of the bond allocation as longer dated bonds have underperformed. Within the European allocation, the F&C European Growth & Income fund exhibited poor performance, however this fund had a very strong period earlier in the year, so we are not currently concerned. In addition, the Invesco Perpetual European Equity Income fund has partly offset this, as it outperformed its IA sector over the month. The BlackRock Asia fund struggled over the period, partly due to its growth bias. Meanwhile, Schroder Asian Income offset this and tends to outperform at a different time due to its income and value bias.
6 International Cash UK Europe ex UK North America Japan Asia Pacific ex Japan Emerging Markets The portfolio s overweight towards Asia Pacific ex Japan and Emerging Market equities detracted from returns. Baillie Gifford Pacific and Threadneedle Global Emerging Markets Equity both performed poorly, mostly due to their growth style. We are not currently concerned about these funds. The strongest performance in the portfolio came from the Japanese allocation. The GBP hedged holding of the Schroder Tokyo fund returned c. 5%, which was much higher than the return on the IA Japan sector of c. 3% as the Yen weakened against the Sterling over the month. Within the North American allocation, the only active fund is JPM US Select, which had a strong month and outperformed its IA sector by c. 1%.
7 Venture Cash UK Europe ex UK North America Global Japan Asia Pacific ex Japan Emerging Markets Venture s bias towards Asia Pacific ex Japan and Emerging Markets detracted from its returns, as these equities lagged behind developed markets. However, the fund selection in these areas was mostly strong over the month, especially JPM Emerging Markets Income, which was c. 3% ahead of its IA sector. The F&C European Growth & Income fund exhibited poor performance, however this fund had a very strong period earlier in the year, so we are not currently concerned. M&G Global Dividend had a strong month against its IA sector, as commodity prices rose over the period.
8 Appendix Strategic Asset Allocations Providence Asset Strategic Allocation Cash 10% Bonds 40% UK 50% Asia Pacific ex Japan 0% Select Asset Strategic Allocation Cash 4% Bonds 20% UK 47% Europe ex UK 6% North America 13% Japan 3% Asia Pacific ex Japan 4% Emerging Markets 3% International Asset Strategic Allocation Cash 4% UK 12% Europe ex UK 17% North America 50% Japan 10% Asia Pacific ex Japan 4% Emerging Markets 3% Venture Asset Strategic Allocation Cash 4% UK 4% Europe ex UK 7% North America 17% Global 0% Japan 3% Asia Pacific ex Japan 33% Emerging Markets 32%
9 Important Information Please note that the contents are based on the author s opinion and are not intended as investment advice. This information is aimed at professional advisers and should not be relied upon by any other persons. Any research is for information only, does not constitute financial advice or necessarily reflect the views of the author and is subject to change. It remains the responsibility of the financial adviser to verify the accuracy of the information and assess whether the fund is suitable and appropriate for their customer. Past performance is not a reliable indicator of future performance. The value of investments and the income derived from them can fall as well as rise and investors may get back less than they invested. Important information about the funds can be found in the Supplementary Information Document and NURS-KII Document which are available on our website or on request. Issued by Margetts Fund Management Ltd Margetts Fund Management Limited is authorised and regulated by the Financial Conduct Authority For any information about the company or for a copy of the company's Terms of Business, please contact the company on or at 1 Sovereign Court, Graham Street, Birmingham B1 3JR You can us at admin@margetts.com
Fund Management Diary
Fund Management Diary Meeting held on 18 th December 2018 Macroeconomic Update The US equity market is an area of concern for us at the moment, the S&P 500 and the NASDAQ are currently experiencing sharp
More informationFund Management Diary
Fund Management Diary Meeting held on 19 th March 2019 Macroeconomic Update There have been reports that the summit aimed at finalising the agreement between the US and China is now expected to be moved
More informationFund Management Diary
Fund Management Diary Meeting held on 11 th December 2018 Losing Momentum After a strong start to the year, global growth peaked in the first of 2018 and doesn t look like regaining momentum. Trade tensions
More informationFund Management Diary
Fund Management Diary Meeting held on 10 th July 2018 Does the oil price determine other commodity prices? The price of oil has surged this year and held on to its gains in recent weeks even as many commodity
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationFund Management Diary
Fund Management Diary Meeting held on 16 th October 2018 Euro-zone competitiveness imbalances In the run up to the global financial crisis differing competitiveness levels across the euro-zone contributed
More informationFund Management Diary
Fund Management Diary Meeting held on 20 th November 2018 Macroeconomic Update The downward cycle in bond markets continues. Equity markets also weakened last week, with the US and technology companies
More informationFund Management Monthly Commentary
Fund Management Monthly Commentary Covering the month of January 2019 January Market Update Margetts monthly diary discusses major economic and market developments that occur over the month. It is written
More informationFund Management Diary
Fund Management Diary Meeting held on 27 th March 2018 Brexit negotiations can move onto trade The European Union Council has endorsed a transition period that will last until the end of 2020 Discussions
More informationFund Management Diary
Fund Management Diary Meeting held on 15 th May 2018 IT sector to struggle when the S&P 500 slumps Capital Economics expects the United States economy to slow next year and cause the S&P 500 to fall to
More informationFund Management Diary
Fund Management Diary Meeting held on 2 nd October 2018 Why is property so often the source of trouble? The property sector is large, with the total value of global residential and commercial property
More informationFund Management Diary
Fund Management Diary Meeting held on 22 nd May 2018 How troubling is the rise in EM public debt? Emerging market debt, in aggregate, has risen to its highest share of gross domestic product since the
More informationFund Management Diary
Fund Management Diary Meeting held on 19 th December 2017 Markets trump year of political uncertainty General elections, Brexit negotiations and the threat of international disputes dominated 2017 However,
More informationFund Management Diary
Fund Management Diary Meeting held on 18 th September 2018 Turkish crisis leading to recession Falls in the lira have caused a sharp pick-up in inflation which, coupled with a severe tightening of financial
More informationFund Management Diary
Fund Management Diary Meeting held on 6 October 2015 The Fed s put is off While the Fed has been continually forecasting rate rises with monetary tightening in 2015, following the jobs data with only 142,000
More informationThe SunGard Retirement Benefits Scheme Quarterly Investment Monitoring Report to 31 March 2012
Quarterly Investment Monitoring Report to 31 March 2012 Executive Summary Scheme Asset Valuation The SunGard Section's assets increased in value over the quarter to 75,233,620. This is an increase of 5,188,852
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2016 Economic overview Economies around the world appear to be relatively resilient, with data signalling that in many countries, economic activities are expanding
More informationRisk Rated Fund Fact Sheets April 2018
Risk Rated Fund Fact Sheets April 2018 >Awards and Recognition 2017 Internation Fund Awards Best Risked Rated Multi-Manager Fund Manager & Recognised Leaders in FOF - UK Global Fund Awards 2016 Most outstanding
More informationRNPFN Managed Growth Fund. Investment Report 2016
RNPFN Managed Growth Fund Investment Report 2016 RNPFN Managed Growth Fund Investment Report 2016 This information does not constitute investment advice and we recommend that you speak to a suitably qualified
More informationFund Management Diary
Fund Management Diary Meeting held on 19 July 2016 EU Bailout Rarely have we been through such a period when events have moved so fast that markets have inevitably been left in the wake. Critically, the
More informationThe All-In-1 Investment Bond and Guaranteed Capital Bond
The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 This information does not constitute investment
More informationFund Management Diary
Fund Management Diary Meeting held on 24 th April 2018 Boom in US productivity remains elusive Although labour productivity growth in the United States picked up in 2017, there is still no evidence of
More informationRisk Rated Funds Fact Sheets January 2018
Risk Rated Funds Fact Sheets January 2018 >Awards and Recognition 2017 Internation Fund Awards Best Risked Rated Multi-Manager Fund Manager & Recognised Leaders in FOF - UK Global Fund Awards 2016 Most
More informationThe All-In-1 Investment Bond and Guaranteed Capital Bond. Investment Report 2016
The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2016 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2016 This information does not constitute investment
More informationMPS Quarterly Review
MPS Quarterly Review Q4 2016 Themes for the quarter Political events continue to drive market direction Fiscal stimulus replacing shrinking QE support Inflation trickling through Portfolio positioning
More informationQuarterly market summary
Quarterly market summary 3rd Quarter 2017 Economic overview Economic data released during the quarter seemed to signal a continuation of synchronised global recovery in almost all regions. This is being
More informationRNPFN Managed Growth Fund. Investment Report 2014
RNPFN Managed Growth Fund Investment Report 2014 RNPFN Managed Growth Fund Investment Report 2014 This information does not constitute investment advice and we recommend that you speak to a suitably qualified
More informationRisk Rated Funds. Fact Sheets. August 2018
Risk Rated Funds Fact Sheets August 2018 >Awards and Recognition 2017 International Fund Awards Best Risked Rated Multi-Manager Fund Manager & Recognised Leaders in FOF - UK Global Fund Awards 2016 Most
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q1 2019 Pension Insured Funds S4 Retail MyFolio Market MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three
More informationINVESTMENT REPORT Q EDS 1994 PENSION SCHEME AVCS MAY 2017
MAY 2017 CONTENTS 1. Introduction...1 2. Market Background...2 3. Asset Allocation...4 4. Performance Summary...6 Appendix A: Fund Fact Sheets... 10 MERCER i 1 Introduction The EDS 1994 Pension Scheme
More informationLegal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January Distribution Number 35
Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January 2017 Distribution Number 35 Investment Objective and Policy The investment objective is to achieve
More informationManaged Portfolio Service
Managed Portfolio Service Defensive Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March.
More informationQuarterly market summary 3rd Quarter 2018
POOLED PENSIONS Quarterly market summary 3rd Quarter 2018 Economic overview An escalating trade war between the US and China was very much at the forefront of investors minds during the third quarter.
More informationDiscretionary Portfolio Service
Discretionary Portfolio Service Market Commentary for the Period 1 st January 2016 31 st March 2016 Global equity markets broadly fell over the period, with emerging market equities outperforming their
More informationMonthly markets review
Issued in May 2016 Schroders Monthly markets review Overview of markets in April 2016 Highlights: April proved a calmer month for equities after the volatility of the first quarter, with global equities
More informationRisk Rated Funds. Fact Sheets. January 2019
Risk Rated Funds Fact Sheets January 2019 >Awards and Recognition 2017 International Fund Awards Best Risked Rated Multi-Manager Fund Manager & Recognised Leaders in FOF - UK Global Fund Awards 2016 Most
More informationFund Management Diary
Fund Management Diary Meeting held on 12 January 2016 Rational markets crazy politics and economics As markets continue to rollercoaster, the fat tail risks become more and more relevant, particularly
More informationMacro Overview. Harpsden Wealth Management Limited. Quarter One 2018 Commentary
Macro Overview I was reminded by an ex-colleague recently that since joining the industry in the 1980 s, we have been brought up to generally ignore the politics and focus on the numbers. He added that
More informationRNPFN With-Profits Fund. Investment Report 2015
RNPFN With-Profits Fund Investment Report 2015 RNPFN With-Profits Fund Investment Report 2015 This information does not constitute investment advice and we recommend that you speak to a suitably qualified
More informationWith-Profits Fund. Investment Report 2014
With-Profits Fund Investment Report 2014 With-Profits Fund Investment Report 2014 This information does not constitute investment advice and we recommend that you speak to a suitably qualified financial
More informationWith-Profits Fund. Investment Report 2015
With-Profits Fund Investment Report 2015 With-Profits Fund Investment Report 2015 This information does not constitute investment advice and we recommend that you speak to a suitably qualified financial
More informationASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS)
FOR PROFESSIONAL INVESTORS 2 May 2018 ASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS) THE RETURN OF THE US INFLATION THREAT Asset allocation overview: Christophe MOULIN
More informationSUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q1 2017
SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q1 2017 FOR PROFESSIONAL ADVISERS ONLY EXECUTIVE SUMMARY Equity markets performed strongly during the first quarter, as the modest acceleration
More informationFact Sheets January 2019
Fact Sheets January 2019 >Awards and Recognition 2017 International Fund Awards Best Risked Rated Multi-Manager Fund Manager & Recognised Leaders in FOF - UK Global Fund Awards 2016 Most outstanding Risk
More informationFund Management Diary
Fund Management Diary Meeting held on 28 June 2016 Brexit - The Hail Mary Pass Prior to the Brexit vote when David Cameron was interviewed on Radio 4 and asked if he would resign if an Out vote occurred
More informationQuarterly market summary
Quarterly market summary 2nd Quarter 2017 Economic overview Economic indicators, such as employment statistics, manufacturing activity and company profits, seem to indicate that the global economy is recovering
More informationASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND. Quarterly Report 31 March For professional investors only, not for retail investors
ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND Quarterly Report 31 March 2018 For professional investors only, not for retail investors Contents CONTENTS ROYAL LONDON GMAP BALANCED FUND 3 2 PAGE Royal
More informationINVESTMENT REVIEW Q2 2018
INVESTMENT REVIEW Q2 2018 OVERVIEW Surveys and hard data show the global economy growing at a healthy pace with minimal inflation risk. Activity accelerated in Q2 and our expectation of 3.4% GDP growth
More informationQuarterly market summary 4th Quarter 2018
POOLED PENSIONS Quarterly market summary 4th Quarter 2018 Economic overview As the quarter progressed, investors became increasingly concerned about the outlook for the world economy. The perception was
More informationFUND MANAGEMENT DIARY Meeting held on 6 June 2017
FUND MANAGEMENT DIARY Meeting held on 6 June 2017 An Economic Power House Needs a United Union The most vital ingredient in any election as has been emphasised throughout time, is that it is the economy
More informationGuaranteed Investment Fund
Guaranteed Investment Fund As at 30th September 2018 Management of some of the Guaranteed Investment Fund tranches was transferred from Insight Investment to St Andrews Life Assurance (SALA). The tables
More informationRisk Rated Funds Fact Sheets July 2017
Risk Rated Funds Fact Sheets July 2017 >Awards and Recognition Global Fund Awards 2016 Most outstanding Risk Rated Fund of Funds Global Fund Awards 2016 Risk Rated Strategies Management Team of the Year
More informationRyan Medlock Robert Whitehouse Ryan Hamill Niall Aitken Trevor Greetham Piers Hillier Robert Dundas Lorna Blyth Ian Dilks
Investment Advisory Committee (IAC) Quarterly Meeting Minutes of Meeting Date 29/08/2017 Present members In attendance Apologies Julius Pursaill (Chair) Colin Taylor Ewan Smith Rachel Elwell Ryan Medlock
More informationFUND MANAGEMENT DIARY Meeting held on 14 November 2017
FUND MANAGEMENT DIARY Meeting held on 14 November 2017 US tax cuts likely to be passed by early 2018 Republicans in the United States are edging closer to agreeing a package of tax reforms that would focus
More informationRisk Rated Funds Fact Sheets December 2016
Risk Rated Funds Fact Sheets December 2016 >Awards and Recognition Global Fund Awards 2016 Most outstanding Risk Rated Fund of Funds Global Fund Awards 2016 Risk Rated Strategies Management Team of the
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationAviva Select Funds. An overview of our funds. Retirement Investments Insurance Health
For financial adviser use only. Not approved for use with customers Aviva Select Funds An overview of our funds Retirement Investments Insurance Health Welcome to our range of fully researched funds Aviva
More informationRisk Rated Fund Fact Sheets September 2016
Risk Rated Fund Fact Sheets September 2016 >Awards and Recognition 2016 International Fund Awards Best for Risk Rated Multi Manager Funds & Best Performing Multi-Asset Risk Fund : Margetts Providence 2015
More informationINVESTMENT UPDATE. July 2017 PERFORMANCE UPDATE
INVESTMENT UPDATE July 2017 PERFORMANCE UPDATE ASSET CLASS REVIEW HAPPY BIRTHDAY WOODFORD WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE It is unusual to find most of the major
More informationSCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS QUARTERLY UPDATE QUARTER
SCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS QUARTERLY UPDATE QUARTER 2 2018 This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person
More informationFund Management Diary
Fund Management Diary Meeting held on 14 June 2016 Deficit Matters In late October 2013, the US Treasury issued a report saying that the German current account surplus which at that time stood at 7% of
More informationEvaluating Scottish Widows Funds 1 July 2018
Evaluating Scottish Widows 1 July 2018 This information is for UK Financial Advisers use only and should not be distributed to or relied upon by any other person. Contents Pension Statistics Life Statistics
More informationEvaluating Scottish Widows Funds 1 October 2018
Evaluating Scottish Widows 1 October 2018 This information is for UK Financial Advisers use only and should not be distributed to or relied upon by any other person. Contents Pension Statistics Life Statistics
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q3 2018 OEIC Ret MyFolio Market Ratings MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three growth and
More informationHighlights and key messages for business and public policy
Highlights and key messages for business and public policy Key projections 2018 2019 Real GDP growth 1.5% 1.6% Consumer spending growth 1.1% 1.3% Inflation (CPI) 2.7% 2.3% Source: PwC main scenario projections
More informationSUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q2 2017
SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q2 2017 FOR PROFESSIONAL ADVISERS ONLY EXECUTIVE SUMMARY Equity markets continued their upward trend in the second quarter of 2017,
More informationInvestment Report. Standard Life Corporate Investment Proposition Passive Plus Funds Report Q3 2018
Investment Report Standard Life Corporate Investment Proposition Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationMPS Q Review. & Q4 Strategy Positioning
For investment professionals only October 2017 MPS Q3 2017 Review & Q4 Strategy Positioning Presented by: Simon Doherty, Lead MPS Portfolio Manager Hosted by: Scott Stevens, Head of Business Development
More informationFund Management Diary
Fund Management Diary Meeting held on 4 October 2016 History and Theory of Money From mankind s earliest days the need to exchange goods and services was an overriding consideration in order to build a
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationOUTLOOK. What s in store for investors in 2019?
OUTLOOK What s in store for investors in 2019? The key phrase for 2018 has been volatility. The prices of stocks and bonds have fluctuated significantly as investors tried to digest a range of political
More informationInvestment Report With Profits Fund
Investment Report 2011 With Profits Fund With Profits Fund Investment Report 2011 The information in this report should not be considered as investment advice and we recommend that you speak to a suitably
More informationFP Verbatim Portfolio 5 Growth Fund
FP Verbatim Portfolio 5 Growth Fund Short Report for the year ended 31 December 2015 Investment Objective and Policy The Fund will use a broadly cautious balanced strategy with the aim of achieving capital
More informationMarket & Economic Update
Market & Economic Update GARETH LEWIS Chief Investment Officer LOUIE FRENCH Senior Research Analyst Market Commentary On the whole it was another reasonable month for equities, with emerging markets and
More informationFUND MANAGEMENT DIARY Meeting held on 11 October 2016
FUND MANAGEMENT DIARY Meeting held on 11 October 2016 The Pigeons coming home to roost As Italy approaches its December referendum which many commentators believe to be vital for its banking industry and
More informationDistribution Number 26
Distribution Number 26 Multi-Index Income 4 Fund (a Sub-fund of Legal and General Multi-Index Funds) Interim Manager s Short Report for the period ended 15 February 2018 Investment Objective and Policy
More informationNew information since the October 2011 Monetary Policy Report (3/11) 1
Meeting 14 March 2012 New information since the October 2011 Monetary Policy Report (3/11) 1 International economy According to preliminary figures, GDP for Norway s main trading partners fell by 0.2 percent
More informationAVIVA INVESTORS PORTFOLIO FUNDS ICVC
AVIVA INVESTORS PORTFOLIO FUNDS ICVC SHORT REPORT For the year ended 28 February 2015 Contents Aviva Investors Multi-Manager Flexible Fund 2 Aviva Investors Multi-Manager 40-85% Shares Fund 8 Aviva Investors
More informationRETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES
RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES SCOTTISH WIDOWS PENSION FUNDS FUND CHOICE AND FUND CHARGES Scottish Widows Funds, managed by a subsidiary of Aberdeen Standard s Scottish Widows
More informationORSO 職業退休計劃. Fidelity Advantage Portfolio Fund
ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018 SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management
More informationYour choice of pension funds
Your choice of pension funds Contents Introduction 3 List of current investment funds by sector 4 Investment choice, flexibility and fund risks 8 Managed funds 10 Multimanaged funds 17 UK equity funds
More informationHSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2016
HSBC GIF Managed Solutions - Asia Quarterly market review Asian assets have performed well in an interesting third quarter of 2016. Late in Q2 the surprise vote for the UK to leave the European Union created
More informationInvestment Report The Flexible Guarantee Bond and Flexi Guarantee Plan
Investment Report 2011 The Flexible Guarantee Bond and Flexi Guarantee Plan The Flexible Guarantee Bond and Flexi Guarantee Plan Investment Report 2011 This information does not constitute investment advice
More informationBeulah Balanced Portfolio
Beulah Balanced Portfolio Quarterly Fact Sheet September 2018 Level 9, 401 Collins Street, Melbourne Vic 3000 T +613 9270 9170 F +613 8080 5983 W beulahcapital.com Beulah Capital Pty Ltd ABN 72 079 169
More informationMonthly markets review
Issued in June 2016 Schroders Monthly markets review Overview of markets in May 2016 Highlights: Equities and most bond markets gained in May as investors continued to speculate about the timing of the
More informationGlobal Investment Perspective
Global Investment Perspective April 09 March was an exceptionally strong month for equity markets. The MSCI World Index rose 7.6% as certain macro data, and US government initiatives boosted hopes that
More informationGlobal Macroeconomic Monthly Review
Global Macroeconomic Monthly Review August 14 th, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department 1 Please see disclaimer on the last page of this report Key Issues Global
More informationHSBC GIF Managed Solutions - Asia Focused Growth Quarterly fund report Q2 2015
HSBC GIF Managed Solutions - Asia Quarterly market review The second quarter has seen a number of uncertainties come to the fore, producing some volatility in stock, bond and currency markets. In Europe,
More informationA PIVOTAL OCTOBER. Issue #14. October 2018
A PIVOTAL OCTOBER Issue #14 October 2018 Stock markets tend to post their best returns from October to April but October itself can be the most volatile month of the year. The tug of war between good news
More informationRETIREMENT ACCOUNT WEALTH MANAGEMENT. Scottish Widows Pension Fund Charges
RETIREMENT ACCOUNT WEALTH MANAGEMENT Scottish Widows Pension Fund Charges SCOTTISH WIDOWS PENSION FUNDS FUND CHOICE AND FUND CHARGES Scottish Widows Funds, managed by a subsidiary of Aberdeen Standard
More informationQuarterly Range Report
Quarterly Range Report Active Plus Range - Q3 2018 Pension Insured Funds S4 Retail Active Plus There are five Active Plus Pension Funds, ranging from lower through to higher risk (I to V). Each fund invests
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationPERFORMANCE SUMMARY AND COMMENTARY AUGUST 2018 FOR FINANCIAL ADVISERS ONLY
PERFORMANCE SUMMARY AND COMMENTARY AUGUST 18 FOR FINANCIAL ADVISERS ONLY CRA ACTIVE MANAGED PORTFOLIOS PERFORMANCE SUMMARY CHART (CRA 3-6 ACTIVE) 4 3 1-1 14 15 16 17 18 3 Active IA Mixed -35% 4 Active
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2017 Economic overview Further evidence of synchronised global economic improvement was signalled by higher measures of economic activity and company profits, along
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationPerformance Report - Quarterly Update 30 September 2012 London Borough of Barnet Superannuation Fund
APPENDIX B Performance Report - Quarterly Update 30 September 2012 London Borough of Barnet Superannuation Fund JLT INVESTMENT CONSULTING Contents Contents...2 Section One Market Update...3 Section Two
More informationFUND CHOICE AND FUND CHARGES
FUND CHOICE AND FUND CHARGES PENSIONS Pension products which have a standard Annual Management Charge of 1% for most of our funds (please see note 9). (Stakeholder Pension charges are not included in this
More informationFlexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee Plan and Flexible Guarantee Funds. Investment Report 2016
Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee Plan and Flexible Guarantee Funds Investment Report 2016 Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee
More informationMonthly Markets Review Overview of markets in Q3 2018
Monthly Markets Review Overview of markets in Q3 2018 Highlights Global equities made gains in Q3, primarily due to US market strength. Political uncertainty and trade concerns weighed on other regions.
More informationQ QUARTERLY PERSPECTIVES
Q2-219 QUARTERLY PERSPECTIVES Tavistock Wealth - Investment Team Outlook Christopher Peel - John Leiper - Andrew Pottie - Sekar Indran - Alex Livingstone India Turnbull - Jonah Levy - James Peel Welcome
More information