ASSET ALLOCATION
13.04.2022
Asset Allocation March 2022
Equity investors don’t typically have to worry about the first rate hike. It is usually the end of the rate hike cycle that matters most. The …
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ASSET ALLOCATION
17.01.2022
Asset Allocation December 2021
In 2020 the global economy came to a juddering halt. In 2021 it got moving again, only to become stuck in one of history’s biggest supply chain …
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ASSET ALLOCATION
15.10.2021
Asset Allocation September 2021
Equity markets do not like uncertainty which is why the statement from the US Federal Reserve in September provided some comfort around the start of …
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ASSET ALLOCATION
13.07.2021
Asset Allocation June 2021
The early, most profitable, phase of the investment cycle is now likely past. Mid-cycle still offers opportunities for equity investors but it is …
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ASSET ALLOCATION
16.04.2021
Asset Allocation March 2021
With the “event” that triggered the global recession now in the process of being addressed, it is time to think about the future. What …
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ASSET ALLOCATION
15.01.2021
Asset Allocation December 2020
The finish line for the event that stopped the world came into sight in the fourth quarter of 2020 after three potential COVID-19 vaccines showed …
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ASSET ALLOCATION
13.10.2020
Asset Allocation September 2020
Another interesting quarter has passed with equity markets once again in the drivers seat and government bond markets thankful for even a place in …
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ASSET ALLOCATION
13.07.2020
Asset Allocation June 2020
In the past three months, the US equity market put in its best performance in over 21 years while the US economy put in its worst performance on …
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ASSET ALLOCATION
14.04.2020
Asset Allocation March 2020
We saw a strong start to 2020 as concerns over US-China trade, Brexit and impeachment subsided. However, the optimism faded late in the month as the …
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ASSET ALLOCATION
21.10.2019
Asset Allocation October 2019
In this quarterly report we have reviewed aspects in financial markets that are, in our opinion, unique to the cycle and those that are the same as …
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ASSET ALLOCATION
12.07.2019
Asset Allocation July 2019
A falling rate of business investment points to slower economic growth into 2020. Fiscal policy and a degree of reversion from weak data may imply …
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ASSET ALLOCATION
11.04.2019
Asset Allocation April 2019
Weakening global growth and downward revision to corporate earnings have not stood in the way of a first quarter equity market rally as central banks …
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ASSET ALLOCATION
23.01.2019
Asset Allocation January 2019
Economic growth is slowing in all key regions, with the first quarter of 2019 likely to be particularly soft (US shutdown, Brexit, China pre-stimulus,…
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ASSET ALLOCATION
14.12.2018
Asset Allocation December 2018
In this asset allocation report we provide a brief summation to three issues:
Long term, big picture, impacts on asset classes, a response to the …
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ASSET ALLOCATION
11.10.2018
Asset Allocation October 2018
Balance sheet and related metrics were out of the spotlight as central banks provided certainty on low interest rates. Rates are now rising, central …
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ASSET ALLOCATION
24.07.2018
Asset Allocation July 2018
In this edition of our Asset Allocation Quarterly we will focus on the impact of regulation and policy on asset classes that we believe are currently …
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ASSET ALLOCATION
13.04.2018
Asset Allocation April 2018
In this edition of our Asset Allocation we will focus on the determinants of valuation within each asset class.
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ASSET ALLOCATION
29.01.2018
Asset Allocation January 2018
In this edition of our Asset Allocation we will focus on investment markets, product and security positioning after a brief summary of the current …
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ASSET ALLOCATION
13.12.2017
Asset Allocation December 2017
For the moment, we remain positive on equity allocations, though there are signs that we are at the mature end of a bull market. The elevated level …
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ASSET ALLOCATION
16.10.2017
Asset Allocation October 2017
The current strength in global economic growth is expected to hold its pace into 2018. Encouraging signs of investment spending are fundamental to …
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ASSET ALLOCATION
17.07.2017
Asset Allocation July 2017
Global economic momentum has improved at a steady pace through 2017 driven by better than expected growth in Europe and a recovery in trade. …
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ASSET ALLOCATION
13.04.2017
Asset Allocation April 2017
In this quarterly report we will present the ‘central case’, that is, the assessment of economic fundamentals which underpin our …
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ASSET ALLOCATION
23.01.2017
Asset Allocation January 2017
Our cautious stance in 2016 proved unwarranted as fixed income markets held onto early returns, while equities rallied into the year end. The …
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ASSET ALLOCATION
22.11.2016
Asset Allocation November 2016
Since mid-year, the tone in investment markets has changed. Initially, some may have considered this just another cycle in the ‘flat but fat&…
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ASSET ALLOCATION
19.10.2016
Asset Allocation October 2016
The combination of relatively elevated valuations and an unsettled political world is causing skittish investment markets. In this quarterly update …
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ASSET ALLOCATION
06.10.2016
Environmental, Social and Governance (ESG) - An investment framework
Outside of economic and company analysis, environmental, social and governance (ESG) issues have become an increasing component in judging the …
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ASSET ALLOCATION
09.08.2016
Asset Allocation Principles 2016
The intention of asset allocation is to provide a framework for an investor to consider the rate of return a portfolio can achieve and most …
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ASSET ALLOCATION
18.07.2016
Asset Allocation July 2016
In the near term we believe investment risks are elevated due to forthcoming macro events and higher than average valuations across most market …
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ASSET ALLOCATION
26.04.2016
Asset Allocation April 2016
In this quarterly we discuss the degree of concentration that can be an unintended consequence of portfolio selections. We aim to express a …
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ASSET ALLOCATION
09.02.2016
Asset Allocation February 2016
For some time we have guided investors towards anticipating a lower contribution from growth assets, while the yield in fixed income assets is also …
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ASSET ALLOCATION
18.12.2015
Asset Allocation: 2015 in Review and a Look Ahead
The rate of global economic growth failed to accelerate in 2015, leaving the pace of expansion at just over 3%. While far from a calamity, the …
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ASSET ALLOCATION
17.07.2015
Asset Allocation July 2015
Rather than Greece, the predominant global influence on Australian investment portfolios in the coming twelve months is expected to be the US, …
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ASSET ALLOCATION
20.10.2014
Asset Allocation Update Q4 2014
The importance of monetary policy in asset values will be tested over the coming 12 months as a prospective divergence occurs in the US and UK versus …
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ASSET ALLOCATION
21.10.2015
Asset Allocation October 2015
The past quarter has been unfriendly to investment returns, with long duration fixed income providing the best returns, making up for a weak second …
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ASSET ALLOCATION

09.04.2015
Asset Allocation April 2015
We have tempered our expected index returns given that asset class performance has been strong in recent years and that valuations are no longer as …
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ASSET ALLOCATION
27.06.2014
Asset Allocation June 2014
- Global outlook remains respectable, but low growth.
- Inflation to date has been muted, indeed too low. Employment growth is the best indicator of …
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ASSET ALLOCATION
20.01.2014
Summary Investment Asset Class Outlook 2014
In this note we will summarise our investment asset class views for the year. In a separate note we continue with themes we believe are relevant in …
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ASSET ALLOCATION
24.12.2013
Investment markets: transition to a change in conditions
Following the financial crisis, investment markets have been supported by easing monetary conditions and progressive rebuilding in business and …
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