Industry news and views from Panacea and our partners.
Investment Commentary_
Columbia Threadneedle: Where to next for the global economy?
Assessing the impact of higher interest rates and looking for pockets of value across financial markets.
M&G Wealth: Paraplanners Assembly 2023: Do tax wrappers go to heaven?
The big idea is that, next time one of your clients gets in touch to say someone close to them has died, this Assembly will help give you the confidence to say: Please dont worry about anything. I can help.
PIMCO: Fiscal Arithmetic and the Global Inflation Outlook
Debt-financed fiscal policy is driving much of todays high inflation, but as pandemic-era measures fade, central banks will likely return to their key role in managing price levels.
Columbia Threadneedle: Recession and Inflation in the UK & US
Steven Bell, Chief Economist EMEA, on the outlook for risk assets should the US enter recession
Quilter Cheviot: The Fund Buyer - Halfway Through
As we pass the halfway point in the year, in todays Fund Buyer we are looking back at the leaders and laggards so far and expressing some thoughts as we head into the second half.
BNY Mellon: Embracing volatility
Higher interest rates are here to stay but that is not necessarily a bad thing, according to BNY Mellon Investment Management chief economist Shamik Dhar. In fact, investors should embrace resulting volatility as it is likely to create asset allocation opportunities, he says.
Schroders: UK should brace for 6.5% interest rates
The increase in interest rates is likely to be felt by the end of 2023, and we forecast a recession to follow between Q4 2023 and Q2 2024.
Orbis: Diversification matters: Is your portfolio in tune?
Diversification is more than just investing in a mix of asset classes. In a changing market environment it's just as important to understand how a portfolio is diversified from a style point of view, and why getting the balance wrong can mean you quickly end up out of tune.
M&G Wealth: The advice gap: the stats that matter
In my first article on the lang cats new Advice Gap report we identified some of the barriers which contribute to the advice gap.
Quilter Cheviot: Taking Stock - Feedback Loops
There isnt much in the world of sport thats more enjoyable to watch than a real natural talent at work. The buzz of seeing someone who just has that innate skill which means they were always going to reach the pinnacle of their sport. Roger Federer, Lionel Messi and Usain Bolt spring to mind.
Columbia Threadneedle: Perspectives on value
We discuss the drivers of value and growth as investment styles. And explain why we believe that the backdrop is supportive of value.
M&G Wealth: Consumer Duty: the final countdown
Yes, its another article about Consumer Duty. But wait, dont switch off, this time round its different. We are now moving into the final implementation period, where all the theory that has been written about so much over recent months gets put into practice.
Quilter Cheviot: After The Bell Podcast - Rooks and Investors
The attractions of UK equities. Dividends versus buybacks. The discipline of good fund management. The defence, housebuilder and consumer discretionary sectors.
M&G Wealth: AI and the IFA: What could ChatGPT mean for financial advice?
Major UK companies are already talking about using AI technology to replace jobs. So should advice firms be worried or excited about ChatGPT and its peers?
Baillie Gifford: Sustainable Income Fund Webinar
Join Baillie Giffords Steven Hay, manager of the Sustainable Income Fund on Wednesday 19 July at 2.00pm BST, as he shares his views on the macro-economic backdrop and outlook for various asset classes.
Rathbones In the KNOW blog: Time for a change
Much of the worlds water infrastructure has suffered from years of neglect and lack of investment. Rathbone Greenbank Global Sustainability Fund manager David Harrison looks at the solutions.
T. Rowe Price: Central Banks Step Into Potential Policy Error Territory
Could we be entering the zone of a global monetary policy mistake? Recent hawkish stances taken by some major developed market central banks make this a valid question. There is now a meaningful risk that these central banks could overtighten in their quest to quell inflation and help push the global economy into recession as well as induce a financial market recession. Chinas central bank, on the other hand, may be making a different type of policy error by not easing policy enough to support the countrys economy.
Orbis OEIC Global Cautious
The panic in banks has led to a massive shift in the expected path of interest rates.
Columbia Threadneedle: Why equities are vulnerable?
Find out why we prefer the safety of bonds. Steven Bell, Chief Economist EMEA, explains why hes cautious on the prospects for equities.
AXA IM: Southeast Asia: Growth powerhouse shifts up a gear
Underpinned by favourable demographics, Southeast Asia boasts vast economic potential and given its rapidly evolving market landscape, we believe offers an array of potential long-term investment opportunities.
PIMCO: The Aftershock Economy
At PIMCOs latest Secular Forum, we discussed how recent short-term cyclical dynamics are likely to have longer-lasting secular consequences.
T. Rowe Price: Finding the signal through the noise
Moving into the second half of 2023, the balance of economic forces still appears tilted against global capital markets. Sticky inflation, central bank tightening, and financial instability all pose clear risks.
Register for the Baillie Gifford Japanese Fund Webinar
In this upcoming webinar, join Baillie Giffords Matthew Brett, as he reflects upon the following: The recent drivers of Japans market performance and the impact this has had on our fund Reflections on recent regime shifts (such as the implications of digitalisation and machine learnings for Japan) Our outlook for the future
Jupiter AM: On a knife edge
Mark Nash, James Novotny and Huw Davies discuss why rapid rate increases havent contained inflation and what may be next for bond markets.
Jupiter AM: The head and the heart in investing
Amadeo Alentorn, lead investment manager, Jupiter systematic, reflects on the importance of head and heart in understanding investor behaviour and markets.
PIMCO: Real Estate Reckoning
Since 2020, a confluence of factors a dramatic shift in how buildings are used, the fastest surge in interest rates in more than 40 years, bank failures in the U.S. and Europe, and now a looming recession could prompt price declines not seen since the global financial crisis 15 years ago.
Pimco: Sustainable Investing: Insight Through Engagement
Markets will likely face more volatility as the global economy exits a period of massive fiscal and monetary support. Listen to our outlook for the global economy and markets over the next five years.
Allianz Global Investors: Renewable energy: the 2050 remix
While last year was transformative for renewable energy, fossil fuel subsidies and interest rate rises pose a threat to the future renewable energy mix.
AXA IM: Happy days? Or summer delusion?
Is it time to be bullish? Or at least is it time to stop worrying so much about big, bad things? The pandemic is a distant memory, arguably inflation was mostly a supply-side shock which is now fading and interest rate hikes are all but done.
BNY Mellon: A return to the 70s?
Following the fastest, most aggressive rate hikes seen in a generation, Real Return manager Andy Warwick believes were in for a decade of price instability, heightened geopolitical risks and volatility. But investment opportunities remain.
Pictet: Why high interest rates might be an aberration
Writing in the Financial Times, Pictet Asset Management senior economist Nikolay Markov argues central banks are increasingly attuned to the risks of overtightening monetary policy.
Schroders: Globalisation reset: which economies and markets stand to benefit?
We look at which economies and stock markets stand to benefit from the re-orientation of global manufacturing away from China.
AXA IM: Spread the word: Managing drawdown risks in corporate bond portfolios
A credit portfolio has a pretty straightforward goal an investor wants exposure to the global corporate bond market while maximising yield and avoiding defaults or downgrades.
Pictet: The Quest for the right defensive portfolio
With macro-economic uncertainty likely to roil markets for years to come, investors would be wise to consider adding defensive strategies to their portfolios - strategies like Quest.
Baillie Gifford: Investing in artificial intelligence
OpenAIs ChatGPT marks a new era in artificial intelligence, which Scottish Mortgage has been thinking about for years. Portfolio director Ben James discusses the importance of ignoring the hype, and highlights the AI-related companies that Scottish Mortgage invests in.
T. Rowe Price: Global Equities: everything changes, so focus on what stays the same
here have been three key surprises in 2023. First, a warm winter spared Europe with energy prices going from an icy headwind to a pleasant tailwind. Second, the Chinese economy proved less robust than investors expected as it emerged from its zero?COVID policies. And finally, the artificial intelligence (AI) wave exploded into markets, with semiconductor company earnings driven higher by panicked spending from internet giants keen to be at the forefront of the AI revolution. We were positioned well for the third surprise.
Rathbones In the KNOW blog: Live long and prosper?
We tend to view the ageing of our society as a worrying thing. Rathbone Income Fund co-manager Carl Stick favours a more positive spin that recognises that greater longevity gives us longer futures, widening our options to work, spend and save.
AXA IM: Unsung ESG Heroes - Planet
Investors can make a positive difference by providing capital to companies that are creating the products and services contributing to a better world. Nigel Yates, portfolio manager on the UK sustainable equity team highlights three companies that we think are making a significant contribution to the transition to renewable energy sources.
Baillie Giffords Global Discovery Team reflects on the lessons of turbulent times
Pandemic, inflation and global instability have all taken their toll, but the desirable qualities the growth stars of tomorrow remain the same as ever. Baillie Giffords Worldwide Discovery Team reflects on the lessons of turbulent times.
M&G Treasury and Investment Office (T&IO)
Were launching a series of exciting new monthly events, where T&IO will give the details behind the performance headlines. Details youve probably never heard before!