Industry news and views from Panacea and our partners.
Investment Commentary_
Invesco: The Polish economy is bucking the trend and what this meant for our portfolio
Whilst most European economies are struggling, the Polish economy is defying expectations: it has seen solid growth rates, strong wage growth and an improved current account balance relative to history.
Baillie Gifford: What if China breaks away?
Should strained relations between the US and China become a full-blown rift, it could hurt global trade and stymie investors. Read this and more in the latest issue of Enlightenment, the funds magazine from Baillie Gifford.
The power of asking more questions and making fewer assumptions
We probably all like to think of ourselves as reasonably open-minded and that we do not make assumptions or jump to conclusions about other people especially where our clients and potential are concerned.
Invesco: Flying update: Three things to consider in autumn
119 seconds Back to school! Lewis Aubrey-Johnson, Head of Fixed Income Products, discusses three things you need to think about when it comes to fixed income portfolios this autumn.
Fund Update: M&G Optimal Income Fund
In this short video, fund manager Richard Woolnough explains why he doesnt share the markets nervousness about prospects for the global economy, and how this view is reflected in the funds positioning. After a positive first half of the year for risk assets, Richard discusses where he believes the best relative value now lies.
Invesco: What does the inverted US yield curve tell us?
The US yield curve inverted for the first time since 2007. What is the yield curves success in predicting previous US recessions? Is the inversion consistent with US data? What other reasons could be causing the inversion? Fund Manager, Stuart Edwards gives his views on the recent inversion of the yield curve.
M&G: Broadening trade wars: could Trump take aim at the EU, again?
As the US and China continue their game of tug-of-war in trade negotiations, could Trump turn his attention to the EU? Investment specialist, Kirsty Clark, discusses the prospect of a trade war between the US and EU?
Aviva Investors: ESG and real assets: A matter of balance
Assessing ESG risks within real asset investments is far from straightforward. Mark Versey and Stanley Kwong use five case studies to illustrate the balance of ESG risk factors that affects investment decision-making, beyond simply trying to be green.
Aviva Investors: State of the nation: South Africa at a crossroads
South African President Cyril Ramaphosa delivered his State of the Nation address on June 20, having led the ANC to victory in Mays elections. But his administration needs to move fast to address an economic slowdown, argues Bryony Deuchars.
Active management and the predictability of markets #1: Eugene Fama
According to Moodys, total assets in passive funds in the US will overtake those in actively managed funds in 2021. In light of this significant moment being almost upon us, I thought it would be interesting to write about the predictability of financial markets - the basis of active management - and some of the key protagonists.
FundsNetwork: FCA Consultation Paper CP19/25 - Contingent charging and other proposed changes
The FCA has just published a package of pension-related proposals designed to improve the quality of pension transfer advice and to help consumers get better value from their pension.
Square Mile Research: Managing an effective investment committee
Running an investment committee effectively The purpose of an investment committee is to oversee the group investment strategy from a number of perspectives and to ensure that the best interests of both the business and its clients are at the core of all investment activity. This might range from the selection of suitable attitude to risk and stochastic modelling tools to strategic and tactical asset allocation and fund selection.
Aviva Investors: Quarterly update on drivers in real assets - Q2 2019
In our regular update on drivers in real assets we assess how real assets could appreciate amid lower long-term rates, we look at how lower bond yields are likely to extend the real estate cycle in the UK, but note that lending at senior level has reduced interest rate sensitivity.
Rathbones In the KNOW blog: Roadkill II
It can be hard to spot the time flowing by as the days roll into weeks and months into years, laments multi-asset fund manager Will McIntosh-Whyte. And youd better be careful, he warns, because inflation works just the same way.
M&G: Currency wars: tweetstorm in a cup?
The Fed delivered its much anticipated interest rate cut at the end of July. In this months video, Investment Director, Ritu Vohora looks at the implications for the US dollar. Could the US Treasury resort to direct FX intervention, if Fed cuts alone do not suppress dollar strength?
Invesco: Global debt outlook: A more stable second half could stem the tide of slower growth
The Invesco Fixed Income Global Debt team expects a mix of moderate growth and falling inflation to have a positive impact on asset prices. Read more to find out what they expect to see in the third quarter and the implications this has on their portfolios.
Aviva Investors: Italys threat to the euro has not gone away
The Italian government remains on a collision course with Brussels despite recently striking a deal over its 2019 budget. A mis-step by either side could lead to a fresh euro zone crisis that the new head of the ECB might struggle to contain.
Aviva Investors: Re-imagining partnerships in infrastructure finance
While the shape of the UKs future relationship with its European neighbours is still unclear, the question of how to finance infrastructure fit for the 21st century is equally pressing, argues Darryl Murphy.
Rathbones In the KNOW blog: Negative interest rates: a 70s rerun?
Are we entering another era of stagflation? As Swiss banks start to bill their rich depositors, maybe were already there, notes our head of multi-asset investments, David Coombs.
M&G: Central banks should consider giving people money
If interest rates are a spent force, and finance ministries unreliable partners, who will save the day? Eric Lonergan, Fund Manager, discusses three novel proposals which are gaining support, all of which involve giving people money.
FundsNetwork: Managing client expectations in uncertain times
Research from FundsNetwork shows that as clients have become more accustomed to stable and growing markets, advisers worry about future stock market volatility and geopolitical risk.
M&G: The evolution of geopolitical risks
Geopolitical risks appear to be a recurring theme impacting global markets and can have a significant influence on the short and medium term direction of asset prices.
Invesco: Flying update: US interest rates
109 seconds Lewis Aubrey-Johnson, Head of Fixed Income Products, discusses interest rates following the US Federal Reserves meeting. How have markets reacted? What can be expected going forward?
The hunt for Europes tenbaggers
How do you find Europe's tenbaggers, the stocks which have the potential to increase ten-fold? Baillie Gifford Investment Manager Stephen Paice takes a look to see what observations can be made about the big winners in order to increase the potential of identifying future ones. Capital at risk.
Prudential Investment Webinar Passive/Active Fixed Income why we use both?
Prudential invite you to join their Investment webinar Passive/Active Fixed Income why we use both on 1 August at 9.30am.
Rathbones In the KNOW blog: Too little risk a dangerous thing
So much emphasis on ensuring people dont take on too much investment risk could be creating a different problem, argues David Coombs, our head of multi-asset investments. Case study: dear old dad.
Invesco: Webcall replay: Multi asset Q2 2019 review and macroeconomic outlook
In this webcall, Multi Asset Product Director, Clive Emery covers performance of the multi asset teams fund, any changes made to it during the second quarter of 2019 and the Henley-based macroeconomic outlook for 2019.
Aviva Investors: ESG: A keystone for stronger emerging markets
Economic development is at a crossroads for emerging markets, and the road ahead will need to be paved with environmental, social and governance considerations.
FundsNetwork: In-demand technical content all in one place
The whole area of retirement planning is arguably more complex than ever before so FundsNetwork have pulled together a range of topics that have been popular with advisers and paraplanners in recent months.
Royal London: Investment Clock.
Watch Trevor Greethams latest update and read the report on the movement of the Investment Clock.
Aviva Investors: Emerging markets election cycle - 2019
Numerous emerging markets are going to the polls in 2019. We survey some of the key results so far and look ahead to the big votes in the second half of the year.
Schroders: Boris Johnson: the challenges faced by the new UK PM
The do or die Brexiteer will face enormous challenges from the outset as the UKs new prime minister. We look at what his victory might mean.
Rathbones In the KNOW blog: Brexit reset
What would a Martian think of the Brexit argument or the Hammersmith & City line for that matter? David Coombs, our head of multi-asset investments, explains his thinking as Boris Johnson takes power in the UK.
Aviva Investors: US vs THEM: Ian Bremmer on politics, trade and technology in emerging markets
We speak to the political scientist about the long-term themes affecting emerging markets, from the trade war to technological automation to climate change.
Aviva Investment: Debt, consumers and technology: Three trends that will define China
How China deals with the challenges of rising debt, a transition to a consumer economy and the technological arms race with the West will have big implications for investors.
Rathbones Investment Insights Q3 2019
While the Brexit deadline draws closer, the route to a deal between the UK and the European Union (EU) shows no signs of materialising.
Seneca: A Confusing Time for Economists
The very rapid decline in safe haven bond yields in recent months has taken me somewhat by surprise. Although we at Seneca have been preparing for a downturn in 2020 for some time, I had been expecting economies and thus bond yields to remain firm for a little while longer
Aviva Investors: Finding the right blend of assets
Achieving the right blend of multi-asset solutions can enhance risk-adjusted returns over the long term.
Invesco: Hiding in plain sight
The European Equities team look at the widening disparity of valuations within the European market and how this impacts risk within portfolios.
Seneca: latest fund factsheets are now available
At Seneca Investment Managers we are experts in Multi-Asset Value Investing and would like to help guide you on your search. We think our results speak for themselves.