Blog

Donald Trump’s return to the White House was always likely to create uncertainty. His re-election alongside a host of economic and geopolitical factors contributed to a changeable trading environment.

Nevertheless, despite pockets of volatility, most major asset classes have performed well. For us, it’s been a year where narrative-driven investing, prudent protection and thoughtful diversification have all played a role in delivering strong performances across our portfolio range…

Our Short-Dated Bond Portfolio (SDBP) has just passed its three-year anniversary. Looking back on performance, the team and I are very proud that it’s delivered on our core objective to provide steady and better-than-cash returns with low levels of risk and volatility…

US markets made modest gains last week as the odds of an interest rate cut happening at this week’s Federal Reserve meeting increased. Wednesday’s data from payroll processing firm ADP showed private employers in the US shed 32,000 jobs in November. ADP’s Chief Economist, Nela Richardson said the fall was “led by a pullback among small businesses” as small firms (less than 50 employees) removed 120,000 jobs in total. With the next batch of shutdown-delayed government jobs data not due until after the next Fed meeting, the ADP numbers will add more pressure on the Fed to cut rates on Wednesday…

In Q3 we saw regional markets put in more of the strong performance. A quick glance at market Q3 performances: MSCI Emerging Markets is up around 12.5%, Asia (ex. Japan) up over 12.5%, Japan (TSE TOPIX) above 10%. The US had a strong quarter, though on a year-to-date basis is languishing behind all major developed markets.

For the last few years, the US and big tech have been the only games in town but no longer…

In the previous blogs, we looked at how managed portfolio services (MPS) have proliferated as advice firms seek to improve efficiency and mitigate the compliance burden while maximising value for clients. Yet standard models are becoming increasingly commoditised, leaving some firms feeling they are surrendering control to an off-the-shelf solution that looks broadly the same as everyone else’s.

How can firms combine adviser insight and value with DFM expertise, scale and governance?

Another AI related stock sell-off effected most major indexes last week with the S&P, FTSE, Nikkei and Shanghai Stock Exchange all finishing lower.

The head of Alphabet, Sundar Pichai, added to worries about the growth of AI investment. During an interview with the BBC on Tuesday saying there is some “irrationality” in the AI boom, and that, if the bubble bursts, “no company is going to be immune, including us”.

The next day, the world’s largest company, Nvidia, released their long-awaited earnings report for Q3. Markets initially reacted positively to the press release headlines…