As UK and global markets face the unprecedented challenge of the coronavirus pandemic, Louise Kernohan, co‑manager of Dunedin Income Growth Investment Trust, advocates a focus on high-quality companies and the need for a long-term mind-set.…
Stock market reforms drive index reclassifications (or vice versa?)
WE EXAMINE THIS QUESTION WITHIN THE CONTEXT OF ASIAN MARKETS. Passive investment management, where investors typically buy an exchange traded fund (“ETF”) that tracks a market-weighted index, has grown in popularity over the last decade. …
As the West Ages, Asia Grows For Professional Investors Only
Our clients and investment professionals recently met in Berlin for our annual AllianzGI Asia Conference. Here are some of the highlights from two days of discussions and events, which provided our guests with a host…
Introducing the Kepler Income Ratings
Equity income funds are among the most popular investments for private investors, who have few other options when it comes to generating an income from their savings in a world of near-zero interest rates, yet…
Equity Market Thoughts
The flavour of our equity market comments in the last couple of months have been focused on the US which we believe to be in the third bubble of the last 20 years. We have…
The Benefits of Compounding Growth For Professional Investors Only
The power of compounding is a well-established concept, however its potential is often underestimated. The ability of an asset to generate consistent growing earnings by reinvesting operating cash flows is a fairly easy logic to…
Summertime, and the living is NOT easy
HISTORY SUGGESTS THAT WE SHOULD BE IN CASH UNTIL THE AUTUMN. WE CONSIDER IF THAT IS THE WISE IN 2017. The investment world seems to be a big fan of pithy bon mots. One is…
What are the risks to portfolios of UK inflation? For Professional Investors Only
In this video, Chris Iggo, CIO Fixed Income at AXA Investment Managers, discusses inflation, the US Break Even Inflation Premium and how this impacts his perspective.
The best stockpickers in the universe
Background Last year was a shocker for active managers. Nine out of ten of them failed to beat their benchmarks according to the annual S&P Dow Jones review of active management. Fund managers are an…
UK equities update by Nigel Thomas For Professional Investors Only
“Although larger cyclical companies are enjoying their day in the sun, we believe that it is the growth companies with growing dividends that will increase their shareholder returns over the long term.” One of my…
Signs of Stress are Building, Hinting at Trouble in the Second Half of 2017
6th May 2017 Due to last minute weekend travel plans, this week’s note is shorter than usual with fewer charts. This is somewhat unfortunate, as there are a number of little developments that when added…
2016: The year active management failed?
The active versus passive debate has raged on for more than a decade now as costs of trackers continue to fall. While much of the debate is merely a matter of opinion, the increased focus…
Video: Potential cost of sitting on cash For Professional Investors Only
Nicolas Trindade, Fund Manager, AXA Sterling Credit Short Duration Bond Fund, discusses the potential cost of sitting on cash.
Why the old adage to sell in May is flawed
By Justin Urquhart Stewart, Co-founder. 25 April 2017. “Events, dear boy, events” was Prime Minister Harold Macmillan’s infamous reply when asked what the most difficult thing about his job was. In other words, stuff happens…
Special report – Fixed Income Survey For Professional Investors Only
Financial Adviser (FA) recently published a Fixed Income Survey, in association with AXA Investment Managers. The results found that 51% of the 176 advisers surveyed with investment provisions said that they are very likely to…
The Oil Price Decline is Important and Just One of Our Long Term Concerns
Since before the Brexit vote in June last year, politics has become a more important force in the day to day life of financial markets. In theory, the political events that are known offer up…
Chart-catching – Hire or Lower?
THE PRICE OF US USED CARS, THE HEALTH OF THEIR MAKERS AND CONFIDENCE OF THEIR DRIVERS. Having been flat for several years, US used car values are now falling. The move is significant enough to…
Markets don’t die of old age
Alex Scott, Deputy Chief Investment Officer. 12 April 2017. Investors seem to be a little less convinced about reflation trades now than they did at the turn of the year. Back then the rise in…
Caught Between Growth and Capital Risk
Alex Scott, Deputy Chief Investment Officer. 29 March 2017. Markets continue to be caught between the economic backdrop and political events although now, for the first time in years, we appear to have a synchronised…