Industry news and views from Panacea and our partners.
Investment Commentary_
Schroders: What could a US recession mean for gold and gold equities?
Financial markets have been anticipating a US recession for some time. One clear signal is the inverted US yield curve, meaning that long-term interest rates are below short-term ones. That is typically a signal that recession is coming sooner or later. The very weak US ISM services data released a couple of weeks ago suggest a recession could be coming pretty soon.
Baillie Gifford: what's next for growth stocks?
As many question the future of growth investing, the American Funds Dave Bujnowski explores the new engines powering progress.
Quilter: Help ringfence your clients inheritance
With 73% of people* saying that ensuring the right person in the family gets the money is the most important consideration when gifting money, a trust can be an invaluable financial planning tool to deliver this. It will also help your clients to mitigate tax and give them control over how and when wealth is distributed.
T. Rowe Price: The Energy Crisis Is Only Just Beginning
Transitioning away from Russian gas will be a major challenge in 2023 as countries struggle to find and process enough imported liquefied natural gas to meet the shortfall.
Columbia Threadneedle: Has recession been cancelled?
Ive been suggesting that the developed world was heading for recession for some time. In Europe, sky high energy prices were to be the cause. In the US it was a different argument: a recession was needed there to control inflation.
AXA IM: UK Reaction: Unemployment holds steady as pay growth continues to rise
The unemployment rate for November 2022 remained at 3.7% when compared to last months figure, in line with consensus expectations. Over the quarter, the unemployment rate rose by 0.2 percentage points (ppt). Unemployment has picked up slightly, but the labour market remains tight with unemployment well below its historic averages, for example between 2015-2019 unemployment averaged 4.7%, 1 ppt higher than current levels. The rise in unemployment was driven by increases in the size of the workforce as economic activity pushed higher.
Time: Accessing infrastructure
Watch Head of Investments, Stephen Daniel and Internal Sales Director, Faye Williams as they take a deep dive into the importance of alternatives in the current market and the key benefits of the infrastructure asset class.
T. Rowe Price: Global Asset Allocation: January Viewpoints
Volatility likely to remain elevated in the new year as central bank policy expectations diverge amid evidence of slowing growth and moderating inflation.
Quilter: Pension Health Check
Start Quilters pension health check to help you assess the suitability of the various pensions held by your client to determine the best product in which to consolidate them.
AXA IM: Could an Alzheimers breakthrough herald a major new market for biotech?
A successful trial of a new Alzheimers drug heralds a breakthrough in the treatment of the disease and could signal the start of one of the potentially largest markets within biotech.
Columbia Threadneedle Investments: Is US inflation under control?
This is a huge week for markets. The big three central banks all meet and we have crucial data out on US CPI, retail sales, flash PMIs and UK inflation. Wow!
Rathbones In the KNOW blog: 2023: The year ahead. Maybe?
After a pretty questionable effort at predicting 2022, our head of multi-asset investments, David Coombs, dusts himself off and leaps into 2023.
T.Rowe Price: China Market Outlook 2023
Since the Party Congress, China has announced a significant easing in its zero?COVID restrictions and more measures to stabilize residential property, which is encouraging.
Allianz Global Investors: China: Grooming the growth of pet economy
Chinas pet market is growing at a double-digit speed mostly driven by the country's Gen Z that is more prone to purchase high-quality products.
TIME Investments: Infrastructure Monthly update
As we announced in November, our new Infrastructure Adviser Centre is live. Offering financial advisers, wealth managers and your clients a one-stop-shop for those looking to incorporate infrastructure as an asset within their portfolio.
Schroders: Outlook 2023, CIO and Multi-asset: its all about valuations
As a degree of normality returns to markets for the first time in years, a focus on valuations must return too.
BNY Mellon: How to implement an impact investing strategy in emerging market debt
Insight Investment uses impact bonds as an umbrella term for fixed income issuances the proceeds of which are dedicated solely to projects intended to meet environmental or social criteria. This encompasses the universe of bonds referred to as green or sustainable as well as more specific outcome-oriented issuances such as blue, gender and transition bonds.
Baillie Gifford Managed Fund: Forging a path to progress
Like intrepid explorers, to find the best long-term growth opportunities Managed Fund investors must look for companies reaching uncharted territory and disrupting norms, writes client service director Lucy Haddow.
Schroders: Investment trusts: a rare opportunity in UK small and mid-sized companies
UK equities have been more resilient than many other world markets in 2022. This has occurred as inflation has hit multi-decade highs in major economies such as the UK, US and Germany and interest rates have risen sharply.
Schroders: Podcast: regime shift, inflation and systemic risk - the outlook for 2023
Listen to Johanna Kyrklund, Chief Investment Officer, and Keith Wade, Chief Economist, look ahead to the potential themes driving markets and the economy next year.
Schroders: A snapshot of the global economy in December 2022
Schroders Economics Group forecasts for 2023: recessions in the advanced economies necessary to tame inflation.
Columbia Threadneedle Investments: Real Estate: Preserving Value
COVID restrictions had largely been lifted across Europe and the investment community was optimistic about the strength of the real estate market fundamentals were solid, the occupational market was robust and there was a realistic level of achievable returns.
Columbia Threadneedle Investments: No more bad news should be good news in 2023
After a dismal year for markets, William Davies gives his thoughts on risks and opportunities in the market as we head into 2023. While there is plenty to be cautious about, a repeat of 2022 seems unlikely.
AXA IM: A clear path towards net zero
Investors are lining up to make commitments to achieve net-zero portfolios. But with many different considerations to keep in mind, the process can become daunting. Bruno Bamberger, senior solutions strategist at AXA Investment Managers, discusses the challenges that investors face in turning commitments into action and the role that proper measurement plays in the process. He also highlights the impact of climate-related risks on the road to net zero, as well as the importance of avoiding greenwashing.
AXA IM: Should companies do more to ease the cost-of-living crisis?
The cost-of-living crisis shows little sign of abating. Inflation remains uncomfortably high and continues to surprise to the upside. The energy crunch is proving alarmingly persistent, with OPEC+ determined to keep oil prices higher through a commitment to production cuts.
AXA IM: Take Two: Russia bans oil sales to price-cap countries, Bank of Japan ramps up bond buying
Markets eased their way to the end of a difficult year which has been dominated by the effects of Russias invasion of Ukraine, persistent COVID-19 issues in China and the monetary policy implications of sticky inflation across many countries, most notably the US.
Columbia Threadneedle Investments: No more bad news should be good news in 2023
After a dismal year for markets, William Davies gives his thoughts on risks and opportunities in the market as we head into 2023. While there is plenty to be cautious about, a repeat of 2022 seems unlikely.
Columbia Threadneedle Investments: A challenging year is past
Its been a difficult year for investors with almost every major listed asset class posting negative returns. Theres been a modest rebound as we approach the end of the year, nevertheless, after a number of years of relative outperformance, Investment Companies have underperformed the FTSE All Share Index over 2022.
TIME: Social Long Income awarded active and responsible ratings by RSMR
TIME:Social Long Income which invests in long income social infrastructure assets has been awarded both active and responsible ratings by Rayner Spencer Mills Research (RSMR), a market leader in fund ratings, research and analysis. The Fund is one of just 58 that have achieved RSMRs responsible rating to date, setting it apart from other property funds.
Schroders: Outlook 2023, European equities: can easing energy prices aid a recovery?
After a tough 2022 for Europe, we think beaten down sectors such as banks and small caps could be due a reversal in fortunes.
Schroders: Outlook 2023, Global economy: all eyes on inflation
Schroders' chief economist Keith Wade gives his views on the outlook for the global economy in 2023, when the battle to tame inflation will remain centre stage.
Rathbones In the KNOW blog: Great Expectations?
Multi-asset fund manager Will McIntosh-Whyte channels his inner Scrooge as he confronts Christmases Past and Present. Can they provide investors with helpful insights about whats to come?
Quilter: Prove the value of your advice
Case study: Quinn. Quilters case study highlights the value of your advice for clients approaching retirement. They quantify the impact that your advice can have by comparing this to Quinn going it alone.
Orbis: Chart explainer: Our relationship with money is distorted heres what to do about it
Were in a rare moment in history where the term premium for long-term government bonds, such as US Treasuries, has been negative for a number of years. But what is the term premium and why does it matter to investors?
AXA IM: Could an Alzheimers breakthrough herald a major new market for biotech?
A successful trial of a new Alzheimers drug heralds a breakthrough in the treatment of the disease and could signal the start of one of the potentially largest markets within biotech.
Columbia Threadneedle: When patience, guidance and commitment pay off
Despite some very obvious challenges, private equity has had a better year than might have been expected.
Fidelity Adviser Solutions: A new, revolutionary partnership
Jackie Boylan, Head of Fidelity Adviser Solutions, discusses the new partnership with Mark Evans, CEO of Conquest Planning, and the way in which their software could revolutionise financial planning for advisory firms and their clients.
Orbis: The great misallocation
The days of the Everything Bubble are long gone, but where are we in the latest boom-bust cycle? While they all follow a similar pattern, the current cycle has been the setting for a great misallocation of capital.
Rathbones - The Sharpe End podcast: The quotes of Christmas past
Join the whole Rathbones Sharpe End team for the Christmas special edition where Craig Brown, Rahab Paracha, and Will McIntosh-Whyte hold David Coombs to account for his predictions for 2022. Just how well did David call the fortunes of the UK economy? How accurate were his views on speculative technology and cryptocurrency? And, importantly, did he beat last years score of 4.5 points!?
Schroders: Outlook 2023: Asian equities
Although markets are likely to remain volatile, there is light at the end of the tunnel for investors.