Industry news and views from Panacea and our partners.
Investment Commentary_
Aviva Investors: 'Fairtrade for finance' should be a badge of honour - not a rubber stamp
A Fairtrade-style kitemark for responsible investment is in the pipeline. Properly implemented, the initiative should improve industry standards on ESG, writes Steve Waygood.
Rathbones In the KNOW blog: It doesnt add up
Stocks soared to new highs in June, but more pessimistic bond markets tolled a more ominous note amid weaker growth, falling earnings, trade tussles and other troubles. Chief investment officer Julian Chillingworth considers the mixed messages coming from stocks and bonds. Read more
FECIF Insight: Dispute resolution - the Swiss way!
From January 1st 2020, mediation will become mandatory in Switzerland with regards to disputes relating to asset management and financial advice.
Rathbones In the KNOW blog: Time to break up?
The honeymoon for US tech giants may be over, but is it time to break up? Rathbones Chief investment officer Julian Chillingworth discusses the intensifying antitrust scrutiny of Americas tech titans and how their future may rest on political machinations.
Legg Mason: EM Backdrop Still Strong
Politics and growth are both key issues for Emerging Markets, where the overall news is positive but with some notable exceptions.
Legg Mason: International Stocks: Things Change
U.S. equities may be outperforming the rest of the world now, but the reverse was through outperformed during much of the first decade of this century.
M&G: Bonds vs Equities: whos right?
While bonds appear to be signalling an economic slowdown, equities are suggesting growth will continue. In this months video, Investment Director, Ritu Vohora looks at the conundrum facing investors, with mixed messages emanating from bond and stock markets.
Schroders: Investors forecast returns of 10.7% millennials expect more
Investors globally are exceedingly optimistic in their expectations for returns for the coming years, according to Schroders Global Investor Study 2019.
Legg Mason: Soft patch or slowdown?
While we could be in the late stages of the current bull market, we see stocks grinding higher in the coming months through increased volatility.
Defaqto: Webinar: Multi-asset - Multi purpose
In this webinar, Roger Perry will cover: - how financial advisers can use multi-asset funds for growth - how to use multi-asset funds to generate a natural income - how to use multi-asset funds as a part of your CIP - how financial advisers can evidence multi-asset recommendations by using Defaqto Engage
Invesco: India: Asian US dollar bond market: A new asset class
Asian US dollar bonds typically offer a yield advantage over comparable US and European bonds. But what else does the asset class have to offer?
Legg Mason: Markets Now: Review and Update
Our proprietary leading economic indicator moved into negative territory in May, reflecting weakness in global trade data, manufacturing data and initial claims data.
M&G: Brexit: Three years on
It is now three years since Britain voted to leave the EU and we are still none the wiser as to the final conclusion. In this note Tristan Hanson, M&G Fund Manager, asks how have financial markets moved since the referendum vote?
Schroders: Where's the value in European equities?
60 second video: James Sym expects the value style to start outperforming growth later this year, and there is one unloved sector in particular he singles out.
Schroders: Why Im backing a consumer comeback in Europe
Worries over slowing global growth and rising trade tensions hit European share prices hard at the end of 2018. While early 2019 saw a rally, there remains considerable scepticism over the prospects for the European economy and its listed companies.
Rathbones In the KNOW blog: Road kill
Will McIntosh-Whyte of Rathbones, reflects on the risky business of managing multi-asset funds, and why you should always remember the Green Cross Code.
Legg Mason: Markets Now: Review and Update
Our proprietary leading economic indicator moved into negative territory in May, reflecting weakness in global trade data, manufacturing data and initial claims data.
Legg Mason: Tariffs, Pullbacks and Fundamentals
As the state of growth becomes harder to gauge, small-cap fundamentals are likely to matter more and more.
Prudential Investment Webinar Why Alternatives?
Prudential invite you to join their Investment Why alternatives webinar on 4 July at 9.30am.
Rathbones In the KNOW blog: New EU inmates take over the asylum
The world seemed to unravel further last month, with British voters electing members to the EU Parliament whose goal is to leave it, and Donald Trump continuing to wield his trade cudgel. Our chief investment officer Julian Chillingworth considers the implications.
Orbis: How do emerging markets really stack up against the US?
The US is expensive, and emerging markets (EMs) are cheap, Weve observed that before. But price alone isnt what matters. What matters is the relationship between what youre paying and what youre getting, and the US and EMs represent different baskets of businesses.
Schroders: Cannabis: is now the time to invest in this growing market?
In our latest infographic and investment report we outline a framework to assess pure-play cannabis companies, the current state of play for sugar, and the climate challenges posed by feeding the planet.
Aviva Investors: Sherpas or satnavs: The advisory conundrum
With robust tools and guides, investors can improve their chances of reaching their desired financial destination rather than taking a wrong turn.
M&G: Making a difference (and a return)
The world is facing a rising tide of societal challenges, from the potential chaos associated with the breakdown of our climate, to unsustainable levels of waste and pollution, to vast and growing social inequality.
Legg Mason: German Bunds: Can Yields Fall Further?
German bunds have become a lightning rod for market anxiety; Western Asset's Gordon Brown argues that too much bad news is built into current pricing, obscuring some key long-term macro drivers.
Prudential: Whats the benefits to advisers and clients of risk bound fund families?
Find out about the benefits in the new Defaqto risk bound fund family report. It provides a regulatory update, an overview of the multi-asset fund universe and a framework for rating and selecting from both a quality and suitability point of view.
Invesco: India: Modis new mandate opens the way for more structural reforms
Modi has been sworn in for a second term as Prime Minister. What does it mean for the Indian economy?
Legg Mason: The Long-Term Impact of Trade Wars
Will todays trade tensions permanently disrupt global value chains and lead to a new Cold War?
Latest Seneca Global Income & Growth Trust plc factsheet is now available
The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many?
Defaqto: Fettered versus unfettered funds
Multi-manager funds, where the manager selects the funds they believe to be the best in each asset class for their portfolio (rather than investing in shares, bonds or other investments directly), can be either fettered or unfettered, Patrick Norwood explains in this article.
Rathbones In the KNOW blog: 10 years ago, I dreamed a dream
They used to call David Coombs crazy. When he set up our multi-asset funds 10 years ago, many people didnt get why we were setting targets for return and risk that investors could hold us to.
M&G: The changing face of investing
The investment industry has gone through a myriad of changes since the turn of the 20th century, fuelled by innovation, technology, regulatory changes and evolving investor preferences. Kirsty Clark, Investment Specialist, discusses the key developments that have been the most influential in the evolution of the industry to date.
Legg Mason: Recession Indicators Update: Lessons from 1998-2002
There are many parallels between today and 1998-2002, but the current environment lacks that period's overvaluation and cyclical excesses.
Invesco: LatAm equity health check
Where are the equity opportunities within Latin America, and what are the key concerns? Can imminent political reforms improve the outlook?
Legg Mason: U.S. Jobs: Payday
An explanation of why U.S. job figures beat expectations, why the Fed announced the forces keeping inflation low are transitory and the impact of swine fever in China on food related commodities prices.
Orbis: Why you should avoid home bias
The UK makes up only about 5% of the MSCI All Country World Index. While we may be the fifth largest economy when measured by economic activity, we are just a small island in a much larger global market from an investment perspective.
Rathbones In the KNOW blog: A ray of sunshine
David Coombs gets his grump on about the state of global politics. But our head of multi-asset investments is refreshed by the approach of a pragmatic and thoughtful businessman.
Legg Mason: U.S. Municipal Bonds: Different Drumbeat
This weeks update focuses on why the spread between 2-to-10 year U.S. municipal bonds has fallen to its lowest point since 2017 this supports analysis from Western on this topic. Also, an update on why UK corporate bond issuance has increased and why high rates in Argentina are stopping a shale oil boom.
Invesco: Flying update: Govt bond yields lower still
111 seconds government bond yields have fallen even further (to record lows in some cases). Lewis Aubrey-Johnson, Head of Fixed Income Products shares his thoughts from our Henley Investment Centre.
M&G Equities: All eyes on trade
In this months video, Investment Director, Ritu Vohora looks at the escalating trade war between the US and China, with tensions reducing risk appetite and intensifying fears of a global economic slowdown.