We have a long combined history of investing across some of the world’s leading institutional funds management businesses, domestic pension funds and directly as advisors for high net worth clients.
Most investment portfolios today are structured around long-term average returns and a set and forget strategy. Investment markets have and will always be complex and dynamic. Markets do not adhere to a calendar, and nor do we.
We are committed to exceeding our clients’ expectations, continually seeking to innovate and evolve our service. We take the business of protecting and growing our clients’ wealth as serious as our own, investing our own money alongside them.
With Covid related restrictions in well-vaccinated developed market countries being eased and life returning to normal, the global economy will experience peak growth in the months ahead. During this period, households will deploy their excess savings (built up through a combination of fiscal stimulus and an inability to spend in a locked down environment) and enjoy long awaited freedoms. This period of peak growth is driving strong inflation and consensus expectations for higher interest rates. The key question is what happens to growth after this burst of activity. In this Insight, we make the case that growth could return to “normal” more quickly than many expect.
With Covid related restrictions in well-vaccinated developed market countries being eased and life returning to normal, the global economy will experience peak growth in the months ahead. During this period, households will deploy their excess savings (built up through a combination of fiscal stimulus and an inability to spend in a locked down environment) and enjoy long awaited freedoms. This period of peak growth is driving strong inflation and consensus expectations for higher interest rates. The key question is what happens to growth after this burst of activity. In this Insight, we make the case that growth could return to “normal” more quickly than many expect.
With Covid related restrictions in well-vaccinated developed market countries being eased and life returning to normal, the global economy will experience peak growth in the months ahead. During this period, households will deploy their excess savings (built up through a combination of fiscal stimulus and an inability to spend in a locked down environment) and enjoy long awaited freedoms. This period of peak growth is driving strong inflation and consensus expectations for higher interest rates. The key question is what happens to growth after this burst of activity. In this Insight, we make the case that growth could return to “normal” more quickly than many expect.
Much has been written about the valuation of the US equity market. We think we can add to the debate by outlining how we consider equity valuations and returns within the context of our strategic asset allocation framework. We also analyse the Tech Bubble of the 2000s, the most obvious historical precedent to today, to see if there are any asset allocation insights to be gained. Finally, we discuss the possibility that despite the current starting point, US equities outperform the rest of the world in the coming decade as they did in the last.
Much has been written about the valuation of the US equity market. We think we can add to the debate by outlining how we consider equity valuations and returns within the context of our strategic asset allocation framework. We also analyse the Tech Bubble of the 2000s, the most obvious historical precedent to today, to see if there are any asset allocation insights to be gained. Finally, we discuss the possibility that despite the current starting point, US equities outperform the rest of the world in the coming decade as they did in the last.
In this note, we dive into the real estate and infrastructure (RE&I) asset classes as both were beat up in the Covid drawdown and remain underwater. Does their poor performance reflect structural impairment in a post Covid world or a decent buying opportunity relative to other listed equity markets? To make this determination, we assess the fundamental drivers of the longer term returns of RE&I and think about whether some of the underlying companies are holding assets which have been stranded by either the acceleration of long term thematics or due to climate change policy.
In this note, we dive into the real estate and infrastructure (RE&I) asset classes as both were beat up in the Covid drawdown and remain underwater. Does their poor performance reflect structural impairment in a post Covid world or a decent buying opportunity relative to other listed equity markets? To make this determination, we assess the fundamental drivers of the longer term returns of RE&I and think about whether some of the underlying companies are holding assets which have been stranded by either the acceleration of long term thematics or due to climate change policy.
Since the middle of last year, global bond yields have risen in response to stronger growth prospects. Recently, equity markets have come under pressure as the increases in bond yields have escalated, with the S&P500 falling around 6%. With yields pushing higher on re-opening economies and massive fiscal stimulus, a key question is will rising yields lead to another substantial equity market correction.
Since the middle of last year, global bond yields have risen in response to stronger growth prospects. Recently, equity markets have come under pressure as the increases in bond yields have escalated, with the S&P500 falling around 6%. With yields pushing higher on re-opening economies and massive fiscal stimulus, a key question is will rising yields lead to another substantial equity market correction.
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