WHY UNFASHIONABLE UK DEFENSIVE STOCKS LOOK GOOD VALUE
|
|
- Harriet Banks
- 5 years ago
- Views:
Transcription
1 INFORMATION FOR INVESTMENT PROFESSIONALS WHY UNFASHIONABLE UK DEFENSIVE STOCKS LOOK GOOD VALUE UK EQUITIES JULY 2018 Chris Kinder Portfolio Manager, Threadneedle UK fund and UK Extended Alpha fund Expectations of stronger global growth have led to a valuation discrepancy between cyclical and defensive stocks We believe this has provided opportunities within defensive sectors, where low relative valuations coincide with a stabilisation in underlying stock fundamentals Quality UK domestic stocks are undervalued relative to UKlisted international earners, although the gap is narrowing If we were to see any mean reversion in global markets, then the UK market s greater exposure to defensive stocks relative to cyclicals should provide resilience Cast your mind back to summer 2016 and the weeks after the UK s referendum to leave the European Union. Sentiment towards the UK was overwhelmingly negative; it is unlikely that many would have predicted that two years on the FTSE All- Share index would have risen by about 25%. It also seemed unlikely that the Brexit vote would be followed by a surge in risk appetite and that, in the process, defensive stocks would be acutely devalued. Yet that is what has happened. Over the past two years, global growth has been stronger than expected, resulting in a rotation by investors into economically sensitive, internationally focused cyclical stocks. This has been predominantly funded by the sale of defensive shares, resulting in cyclical sectors trading at a substantial valuation premium to defensive sectors one that is statistically significant on a 20-year view Issued July 2018 Valid to end September 2018 Page 1 of 5
2 Figure 1: US and European cyclicals versus defensives When you have such extreme valuation and performance differentials, it does not take much for the market to mean revert. That leads to the obvious questions of when this might happen and how big the rotation will be? Neither can be answered with certainty, despite indications that global growth is starting to slow. Nevertheless, with growing uncertainty around global trade deals and lead indicators stalling in the latest periods, we have seen some signs of rotation. In the meantime, however, there is scope to take advantage of the valuation disparity by selectively rotating money into oversold defensive stocks. It is a process we have already been engaged in, shifting money at the margins into undervalued areas of the market while ensuring we maintain our balanced approach. Out-of-favour sectors One of the sectors most beaten up during the rotation out of defensives is telecoms. In Q2 the sector fell to a 30-year low relative to the market a valuation opportunity I have exploited in the strategies I manage. Within telecoms I have added to our holding in BT, 1 which was trading on a price-earnings ratio close to its 7% yield, 2 and which we believe can be maintained. 1 2 Bloomberg, 13 June 2018
3 A point to clarify is that while I may believe defensives are oversold, the decision to buy more BT and indeed any beaten-up stocks is ultimately driven by bottom-up analysis. Our investment philosophy focuses on buying decent companies at attractive valuations. Therefore, I have only increased positions in companies where there is tangible evidence of improving fundamentals and change. Within my strategies I have also added to Imperial Tobacco and British American Tobacco (BAT). 3 Like telecoms, the tobacco sector has suffered from the rotation out of defensives, as well as from sector-specific problems in its case, threats of tighter regulation and volume declines. However, Imperial Tobacco recently regained market share and BAT continued to trade well. The stability in performance of these two gave me the confidence to add to our positions. Figure 2: Out of favour but not necessarily for us Source: Morgan Stanley, DataStream, 4 July
4 Domestic opportunities UK domestic earners are another area where we see value. Since the referendum vote the differential between domestic and international stocks has become extreme. Our valuation-sensitive approach has encouraged us to selectively add some capital into domestic earners, while remaining very discerning about quality: companies are still going to have to be robust to survive in a lower-growth world. Two years ago I bought Howden Joinery for the UK strategy, correctly spotting its potential to outperform its competition and take market share. Whitbread 4 is another domestic player bought at an extremely attractive valuation, on the basis that its Premier Inn chain one of the UK s largest budget hotel chains is likely to prosper in a low-growth environment. The conglomerate nature of the group also had the potential to create incremental value. As stated, these purchases aren t part of a wholesale shift in portfolios, though a more cautious stance is appropriate at this late stage of the cycle. We have been slicing positions in the more richly valued areas of the market and reallocating to oversold, defensive and domestic stocks. A resilient market The UK remains an unloved market among global asset allocators, but we believe it remains attractive for active managers to generate strong risk-adjusted returns. Should we see a greater rotation in global markets back into defensives, then the balance of the UK market, between defensives and more aggressive cyclical stocks, should make it more resilient than its global competition. 4
5 Important information: For use by Professional and/or Qualified Investors only (not to be used with or passed on to retail clients). Important Information: Past performance is not a guide to future performance. Your capital is at risk. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services. This document is not investment, legal, tax, or accounting advice. Investors should consult with their own professional advisors for advice on any investment, legal, tax, or accounting issues relating to an investment with Columbia Threadneedle Investments. The mention of any specific shares or bonds should not be taken as a recommendation to deal. The analysis included in this document has been produced by Columbia Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment advice. Columbia Threadneedle Investments does not give any investment advice. If you are in doubt about the suitability of any investment, you should speak to your financial adviser.this document includes forward looking statements, including projections of future economic and financial conditions. None of Columbia Threadneedle Investments, its directors, officers or employees make any representation, warranty, guaranty, or other assurance that any of these forward looking statements will prove to be accurate. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. Issued by Threadneedle Asset Management Limited. Registered in England and Wales, Registered No , Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. UK EQUITIES JULY 2018
ACTIVE ASSET ALLOCATION IS IT WORTH IT?
INFORMATION FOR INVESTMENT PROFESSIONALS ACTIVE ASSET ALLOCATION IS IT WORTH IT? MULTI ASSET SEPTEMBER 2018 Craig Nowrie Client Portfolio Manager In a world where volatility is heightened, managing overall
More informationUS SMALLER COMPANIES MAY SHINE AS RATES RISE
US SMALLER COMPANIES MAY SHINE AS RATES RISE Nicolas Janvier Portfolio Manager nhistorically, when Treasury yields rise US smaller companies tend to outperform their large company counterparts npresident
More informationUK EQUITIES: ALPHA OPPORTUNITIES
INFORMATION FOR INVESTMENT PROFESSIONALS UK EQUITIES: ALPHA OPPORTUNITIES DECEMBER 2016 Chris Kinder Portfolio Manager, UK Fund and UK Extended Alpha Fund The UK equity market is an unloved asset class,
More informationStandard Life Equity Income Trust
Trust Summary is a highly-active, benchmark-agnostic portfolio of UK equities with a clear bias towards companies that generate attractive dividend growth. The trust is run by Thomas Moore (pictured),
More informationTHREADNEEDLE UK EQUITY FUND RANGE GROWTH STRATEGIES
THREADNEEDLE EQUITY FUND RANGE GROWTH STRATEGIES CORE FUND Threadneedle Fund MID-CAP EXPOSURE Threadneedle Mid 250 Fund HIGH CONVICTION Threadneedle Select Fund ENHANCED ALPHA Threadneedle Extended Alpha
More informationQUESTIONS & ANSWERS RECENT CHANGES TO SAVINGS AND INVESTMENTS TAX GROSS PAYMENTS AND REMOVAL OF NET FROM SHARE CLASS NAMES
November 2016 QUESTIONS & ANSWERS RECENT CHANGES TO SAVINGS AND INVESTMENTS TAX GROSS PAYMENTS AND REMOVAL OF NET FROM SHARE CLASS NAMES This document aims to answer any further questions you may have
More informationTHE OUTCOME OF BREXIT MATTERS FOR THE UK S BALANCE OF PAYMENTS
THE OUTCOME OF BREXIT MATTERS FOR THE UK S BALANCE OF PAYMENTS nthe main drivers of Balance of Payments are the Current Account deficit and the Financial Account surplus. nthe UK Current Account has historically
More informationTHREADNEEDLE UK EQUITY FUND RANGE INCOME STRATEGIES
THREADNEEDLE UK EQUITY FUND RANGE INCOME STRATEGIES CORE INCOME FUND Fund SMOOTH INCOME UK Monthly Fund HIGH CONVICTION Alpha Fund DIVERSIFICATION Monthly Extra Fund UNCONSTRAINED UK Growth & Fund Fund
More informationTHE UN SUSTAINABLE DEVELOPMENT GOALS: A TOUCHSTONE FOR TODAY S RESPONSIBLE INVESTOR?
INFORMATION FOR INVESTMENT PROFESSIONALS THE UN SUSTAINABLE DEVELOPMENT GOALS: A TOUCHSTONE FOR TODAY S RESPONSIBLE INVESTOR? RESPONSIBLE INVESTING MARCH 2018 Investors are increasingly seeking to understand
More informationThreadneedle Navigator UK Index Tracker Trust
Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the UK equity market, as measured by the FTSE All-Share Index rose by +24.52% on a total
More informationThe Merchants Trust PLC
The Merchants Trust PLC Home Advantage - Finding income and value in UK equities AJ Bell Retirement conference 11 December 2018 Simon Gergel Value. Shared. The UK Stock Market is not the UK economy 2/3
More informationPerpetual Income & Growth IT
1 Invesco Perpetual is a client of Kepler Trust Intelligence. Research produced by Kepler Trust Intelligence covering Invesco Perpetual should be considered a marketing communication, and is not independent
More informationJPMorgan Income & Capital Trust plc Annual General Meeting. 7 July 2016
JPMorgan Income & Capital Trust plc Annual General Meeting 7 July 2016 Agenda JPMICT Performance Portfolio positioning UK equity portfolio Outlook 1 UK equity performance Total return on net assets was
More informationJPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016
JPMorgan Income & Growth Investment Trust plc Annual General Meeting 14 June 2016 Agenda JPMIGIT Performance Trust Overview UK Equity Portfolio Outlook 1 Investment objectives The Company s investment
More informationStandard Life Equity Income
Standard Life Investments is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability
More informationZurich Investment Funds ICVC. Interim Report & Accounts (unaudited) for the period ended 30 November 2017
Zurich Investment Funds ICVC Interim Report & Accounts (unaudited) for the period ended 30 November 2017 Zurich Investment Funds ICVC Contents Directory 3 Authorised Status 4 Sub-Fund Cross-Holdings 4
More informationYield curve and credit spreads signal low US recession risk
= Yield curve and credit spreads signal low US recession risk Many market participants are fearful that the narrowing gap between the yield on the 10-year and 2-year Treasury notes signals that the US
More informationLOOK TO EUROPE S LEADERS FOR SUSTAINABLE RETURNS
FOR INVESTMENT PROFESSIONALS ONLY LOOK TO EUROPE S LEADERS FOR SUSTAINABLE RETURNS COLUMBIATHREADNEEDLE.COM LOOK TO EUROPE S LEADERS FOR SUSTAINABLE RETURNS David Dudding Portfolio Manager Mark Nichols
More informationStandard Life Equity Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. Standard Life Equity Income Summary Standard Life Equity Income (SLET) aims to deliver an above-average
More informationMarket Bulletin. A fresh take on UK equities. November In brief HOW TO PROFIT FROM THE UK ECONOMIC RECOVERY? AUTHORS
Market Bulletin November A fresh take on UK equities In brief Domestic equities play a key role in most UK investors portfolios, accounting for of their holdings on average. The UK macro environment is
More informationINVESTOR GUIDE ISAs AND JISAs
INVESTOR GUIDE ISAs AND JISAs COLUMBIATHREADNEEDLE.CO.UK 1 OVERVIEW Individual Savings Accounts (ISAs) and Junior ISAs (JISAs) are tax-efficient ways to save or invest. They are wrappers that protect your
More informationThreadneedle UK Regulated Funds. Threadneedle Focus Investment Funds ICVC. Threadneedle Investment Funds ICVC
Details before Details after Threadneedle Focus Investment Funds ICVC Credit Opportunities Fund 01/01/2010 No high water mark Introduction of a high water mark and increase of the hurdle rate above which
More informationThreadneedle UK Extended Alpha Fund
Interim Short Report 31 October 2017 Fund Manager s Report Chris Kinder Performance of Class 1 Accumulation shares* Over the six months to 31 October 2017, the published share price of Class 1 Accumulation
More informationM&G Global High Yield Bond Fund
M&G Global High Yield Bond Fund a sub-fund of M&G Investment Funds (2) Annual Short Report May 2017 For the year ended 31 May 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment
More informationF O C U S. Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy
F O C U S Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy 1 Important Information For professional investor use only. Not for distribution
More informationThreadneedle Navigator Growth Managed Trust
Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the offer price of accumulation units rose by 21.60% from 125.90p to 153.10p. In view
More informationInvesting in the UK for Income
Investing in the UK for Income The Merchants Trust PLC The Retirement Money Conference 12 December 2017 www.merchantstrust.co.uk Simon Gergel, CIO UK Equities, Allianz Global Investors Disclaimer This
More informationConvertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.
Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection
More informationNorthern Ireland Quarterly Sectoral Forecasts
2017 Quarter 1 Northern Ireland Quarterly Sectoral Forecasts Forecast summary The Northern Ireland economy enjoyed a solid performance in 2016 with overall growth of 1.5%, the strongest rate of growth
More informationDanske Bank March 1 ST 2016 Economic Update,
Monthly update: Tuesday 1 March 2016 Danske Bank Chief Economist, Twitter: angela_mcgowan Local job and investment announcements during January 2016: The NI economy suffered a significant blow during the
More informationThreadneedle Navigator Growth Trust
Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the UK equity market, as measured by the FTSE All-Share Index (Total Return), rose by
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q3 2016 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
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 informationOutlook & Perspective
Outlook & Perspective All data and information as of June 30, 2016 Approved for current clients. May be presented to prospective clients in a one-on-one setting only. Morningstar Investment Services LLC
More informationMPS Passive Plus. Your Investment Solution
MPS Passive Plus Your Investment Solution Contents A little bit about us 3 How Passive Plus can benefit you 4 What s the Plus in Passive Plus? 5 Five portfolios for you to choose from 6 Access to expert
More informationContinental European real estate
October 216 For professional investors only. This material is not suitable for retail clients 1 Schroders Insurance Asset Management Insurance Strategy Continental European real estate The right time to
More informationRBC GAM Fundamental Series RBC Global Asset Management
Hiding In Plain Sight: The Untapped Potential of Emerging Market Small Caps RBC GAM Fundamental Series RBC Global Asset Management Hiding in Plain Sight: The Untapped Potential of Emerging Market Small
More informationDURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY April 29, 2016 ECONOMIC LANDSCAPE
ECONOMIC LANDSCAPE The risk-on rotation that took hold in early February continued through the end of the first quarter and has spilled over to the month of April. What has changed? Global recession fears
More informationFUND MANAGEMENT DIARY Meeting held on 5 th June The crisis in Italy has the potential to turn into a systemic threat to the eurozone
FUND MANAGEMENT DIARY Meeting held on 5 th June 2018 Could the financial crisis happen again? There have been substantial regulatory and institutional changes which aim to address some of the systemic
More informationColumbia Threadneedle Investments Emerging Market Investor Sentiment Survey
Columbia Threadneedle Investments Emerging Market Investor Sentiment Survey Conducted in December 2016 The content of this presentation is presented for general information purposes only. Nothing contained
More informationEuropean Equities. Q&A roadshow #QAroadshow2016. James Sym Fund Manager
European Equities Q&A roadshow 2016 #QAroadshow2016 James Sym Fund Manager June 2016 For professional advisers only. This material is not suitable for retail clients Over the last 5 years is your main
More informationRLAM GUIDE TO FIXED INCOME INVESTING. For professional investors only, not suitable for retail investors
RLAM GUIDE TO FIXED INCOME INVESTING For professional investors only, not suitable for retail investors THE ROLE OF BONDS The bond market provides governments and enterprises with a means of raising capital
More information1.75 TRILLION 60% WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market
WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market 1.75 TRILLION MARKET CAPITALISATION IN US$ Asian fixed income is a dynamic market opening up
More informationActive vs Passive INVESTING
Active vs Passive INVESTING INTRODUCTION Active versus passive. Both are fundamentally different approaches to investment management and each has clear benefits and disadvantages. An understanding and
More informationSchroders Investing in Property During and After a Recession
August 29 For professional investors and advisors only. Not suitable for retail clients. Schroders Investing in Property During and After a Recession Mark Callender Head of Property Research, Schroders
More informationSpecialist International Share Fund
Specialist International Share Fund Manager Profile January 2016 Adviser use only Specialist International Share Fund process process for this Fund is structured in the following steps: Step 1 Objectives:
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 informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly October 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Uncertainty about US monetary
More informationStandard Life Investments Property Income Trust
Standard Life Investments Property Income Trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication
More informationThreadneedle Absolute Return Range Threadneedle Absolute Return Bond Fund Threadneedle Credit Opportunities Fund Threadneedle UK Absolute Alpha Fund
OEIC Absolute return Range brochure January 2011 Threadneedle Absolute Return Range Threadneedle Absolute Return Bond Fund Threadneedle Credit Opportunities Fund Threadneedle UK Absolute Alpha Fund Introduction
More informationThe Deloitte Consumer Tracker Consumer confidence sees its largest increase in 18 months
The Deloitte Consumer Tracker Consumer confidence sees its largest increase in 18 months Q3 The latest Deloitte Consumer Tracker shows that UK consumers have shrugged off postreferendum pessimism, with
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 informationBlackRock Commodities Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. BlackRock Commodities Income Update 15 August 218 Summary (BRCI) has a conviction-led approach
More informationDanske Markets Nordic Bank and Insurance Seminar. Peter Straarup
Danske Markets Nordic Bank and Insurance Seminar Growth opportunities and challenges under a new regulatory regime Peter Straarup CEO and Chairman of the Executive Board, Danske Bank June 3, 2010 SPEECH
More informationLIFTING THE LID ON PANDORA S BOX A CHANGE OF PACE FOR BRITISH CONSTRUCTION
LIFTING THE LID ON PANDORA S BOX A CHANGE OF PACE FOR BRITISH CONSTRUCTION EXECUTIVE SUMMARY The UK economy continues to perform robustly though significant threats remain. Potential risk of a slowdown
More informationDefining prime, secondary and tertiary property
September 1 For professional investors and advisers only. Not suitable for retail clients Schroder Property How resilient is secondary property? Introduction Mark Callender, Head of Property Research The
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 informationPASSIVE PORTFOLIOS. Our collection of low-cost passive index-tracking portfolios
PASSIVE PORTFOLIOS Our collection of low-cost passive index-tracking portfolios Risk warning: Your capital is at risk. Investments can go down as well as up and you may get back less than you originally
More informationAsset Allocation Model March Update
The month of February was marked by a sell-off in global equity markets and a sudden increase in market volatility with the CBOE Volatility Index reaching its highest level since August 2015. The rout
More informationSquare Mile Capital Accumulation Advisory Portfolio 2
Square Mile Capital Accumulation Advisory Portfolio 2 SQUARE MILE Portfolio Objectives To generate investment performance that has a volatility level that is consistent with the evalue risk profile 4 over
More informationManaged Portfolios from OBSR December 2012
Managed Portfolios from OBSR December 2012 WHAT ARE THE MANAGED PORTFOLIOS FROM OBSR? The Managed Portfolios from OBSR are a range of five funds designed to actively target and maintain different levels
More informationINVESTMENT UPDATE. 4th May 2016 PERFORMANCE UPDATE
INVESTMENT UPDATE 4th May 2016 PERFORMANCE UPDATE ASSET CLASS REVIEW SPOTLIGHT ON WOODFORD EQUITY INCOME FUND WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE The beginning of
More informationInvestment Bulletin. Brexit: positioning your portfolio
Investment Bulletin 5 October 2018 Brexit: positioning your portfolio With just six months to go before the UK is due to leave the EU and the shape of the country s future relationship with the continent
More informationBrexit Monitor. Results. October 2018
Brexit Monitor Results October 2018 Brexit Monitor How is the middle market faring as the enters one of the most uncertain and volatile operating environments since the global economic collapse? RSM s
More informationUtilico Emerging Markets
1 Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Please see the important information at the bottom of the page. Utilico
More informationThe Deloitte CFO Survey. Defensive and watchful Q Authors. Key contacts
Q2 The Deloitte CFO Survey Defensive and watchful The second quarter survey of Chief Financial Officers reveals growing concerns about Brexit on the part of CFOs and a marked shift towards more defensive
More informationThemes in bond investing June 2009
For professional investors only Not for public distribution March 2011 Themes in bond investing June 2009 Japan outlook: Will Japanese equities jump in the Year of the Rabbit? Introduction There is no
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 informationInvesco Asia Summary. Portfolio
19.4.218 1 Invesco Perpetual is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Please
More informationTop Fund Recommendations
Global Income BUY Artemis Global Income Fund 98.5p over 2.5 Hist. 3yr return (%): 48.5 capital growth and The Artemis Global Income Fund aims to achieve a rising income combined with capital growth from
More informationImpact of higher interest rates on UK commercial property
For Investment Professionals only July 2018 Impact of higher interest rates on UK commercial property Gradual transition towards a comparatively lower new normal for interest rates Relationship between
More informationMPS Quarterly Review
MPS Quarterly Review Q1 2017 Themes for the quarter Political events continue to drive market direction Fiscal stimulus replacing shrinking QE support Inflation trickling through Portfolio positioning
More informationSELF-INVESTED PERSONAL PENSION (SIPP)
SELF-INVESTED PERSONAL PENSION (SIPP) About Us Mayfair Capital was founded in 2016 to provide a relationship-based advisory investment service to clients who want a reliable and personal approach to the
More informationPortfolio Navigator funds Quarterly performance and commentary
Navigator funds Quarterly performance and commentary September 30, 2017 275470 W SHELF (10/17) OD The Navigator funds Performance Quarter ending 9/30/17 3 month YTD 1 year 3 year 5 year Since Inception*
More informationQ Outlook and Strategy Income Funds
Q3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationMULTI ASSET FROM COLUMBIA THREADNEEDLE INVESTMENTS
MULTI ASSET FROM COLUMBIA THREADNEEDLE INVESTMENTS COLUMBIATHREADNEEDLE.CO.UK COLUMBIATHREADNEEDLE.COM CONTENTS 01 What is a Multi Asset fund?... 2 02 Why Multi Asset?... 3 03 The Risks of Multi Asset
More informationEUR/CHF: Welcome back, the Swiss franc
Economic and Financial Analysis FX 10 August 2017 10 August 2017 EUR/CHF: Welcome back, the Swiss franc EUR/CHF is starting to trade like its old self again. In this article Coming back in from the cold
More informationThe Report must not be used for any commercial purposes unless Hymans Robertson LLP agrees in advance.
Hymans Robertson LLP has carried out an actuarial valuation of the Lincolnshire County Council Pension Fund ( the Fund ) as at 31 March 2010, details of which are set out in the report dated 23 ( the Report
More informationThe Retirement Account. Investment Fund Summary
The Retirement Account Investment Fund Summary This Investment Fund Summary is relevant only if you have selected the Pension Drawdown or Pension Savings options within your Retirement Account. Investing
More informationInsights. Losing Religion?
The Leaders In Pactive Management Losing Religion? Richard Bernstein, Chief Executive and Chief Investment Officer Richard Bernstein Advisors Richard Bernstein Advisors LLC (RBA) is an independent investment
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 informationQuantitative Easing and the Dollar-Yen Carry Trade
MARCH 2018 INTERNATIONAL EQUITY WHITEPAPER Quantitative Easing and the Dollar-Yen Carry Trade Leila Heckman, Ph.D., Founder John Mullin, Ph.D., Chief Strategist For More Information (917) 386-6261 www.heckmanglobal.com
More informationQuarterly Commentary
Peter Sorrentino, Chief Investment Officer, Comerica Asset Management Second Quarter 2018 Quarterly Commentary Second Quarter 2018 Recap If the hallmark for the first quarter of 2018 was rising interest
More informationDistribution Number 44
Distribution Number 44 Legal & General UK Select Equity Fund Annual Manager s Short Report for the year ended 30 September 2017 Investment Objective and Policy The Fund aims to provide long-term capital
More informationAI: Weighted Sector Strategy DEC
KEN STERN & ASSOCIATES DEC 31 2016 1 Tactical Rebalanced AI: Strategy DEC 31 2016 Ken Stern & Associates Strategy seeks to track the investment results of the Morgan Stanley Capital International USA Investable
More informationAnalysis of profitability and investor returns Annex 12 to pay TV market investigation consultation
Analysis of profitability and investor returns Annex 12 to pay TV market investigation consultation Publication date: 18 December 2007 Contents Section Page 1 Introduction 1 2 Historical profitability
More informationM&G Strategic Corporate Bond Fund Interim Short Report February 2018 For the six months ended 28 February 2018
M&G Strategic Corporate Bond Fund Interim Short Report February 2018 For the six months ended 28 February 2018 Fund information The Authorised Corporate Director (ACD) of M&G Strategic Corporate Bond Fund
More informationThreadneedle UK Institutional Fund
Annual Short Report 7 March 2018 Fund Managers Report Chris Kinder Jeremy Smith Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1
More informationCORPORATE BEIGE BOOK:
LPL RESEARCH WEEKLY MARKET COMMENTARY August 29 2016 CORPORATE BEIGE BOOK: OFFERS FEW SIGNS OF IMPROVEMENT Burt White Chief Investment Officer, LPL Financial Jeffrey Buchbinder, CFA Market Strategist,
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 informationConvertible bonds gaining from growth as rates rise
Insight Convertible bonds gaining from growth as rates rise June 2015 In a rising rate environment, convertible bonds may offer investors a measure of duration protection and the potential for attractive
More informationMulti Manager Diversity Range May 2018
Marketing material for professional investors and advisers only Multi Manager Diversity Range May 2018 Asset Allocation Dashboard May 2018 Positive Neutral Negative View Comments High yield Investment
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 informationEuropean Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE
PRICE POINT April 2017 Timely intelligence and analysis for our clients. European Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE KEY POINTS Dean Tenerelli Portfolio Manager, Europe Equity
More informationThe Deloitte CFO Survey
20 The Deloitte CFO Survey The year ahead: A cautious start to 2016 Support among the Chief Financial Officers of the UK s largest corporates for staying in the EU has narrowed, mirroring a drift towards
More informationMACRO INVESTMENT OUTLOOK
MACRO INVESTMENT OUTLOOK AUGUST 18 INVESTMENT STRATEGY AND DYNAMIC MARKETS TEAM, MULTI ASSET GROUP GLOBAL SHARES CONSTRAINED BY TRADE WAR FEARS BUT AUSTRALIAN SHARES RELATIVELY RESILIENT 5 Australia -
More informationCocos: Not to be ignored
Cocos: Not to be ignored Cocos have performed positively this year, however, risk premiums have room to decline and carry remains a powerful driver of returns going forward. Cocos are no longer a niche
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 informationJPMorgan Claverhouse Investment Trust. Annual General Meeting 20 April 2016
JPMorgan Claverhouse Investment Trust Annual General Meeting 20 April 2016 Co-fund managers Co-manager of Claverhouse Appointed 1 st March 2012 33 years industry experience 20 years at J.P. Morgan Asset
More information