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Weekly Digest


Value: Alive but not yet kicking

While high growth/momentum stocks have performed well for some time, they have historically been susceptible to momentum crashes which have tended to coincide with bear market periods. As stock markets reach all-time highs and the US enters its tenth year of economic expansion, we think that having exposure to value stocks still makes good sense. We have long been of the view that having balanced factor exposure is the best way to achieve excess returns, and now does not seem the time to abandon this philosophy.

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Outlook 2020

Glyn Owen - 13 January 2020

Following the worst year for equity markets since the financial crisis, 2019 was one of the best. Many risks failed to materialise: US-China trade wars moved towards a phase one deal, the UK did not fall over the Brexit cliff edge, the World economy slowed but did not enter recession, China’s debt bubble was contained and geopolitics caused ripples but no dislocation. Can this bull market, the longest in history, continue?

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Annual Compendium

James Klempster, CFA - 12 December 2019

When we started writing our weekly review back in 2015 we had an ambition to change the way that we communicated with our rapidly expanding, global client base.

We wanted to improve the tone of our engagements from the technocratic, dry and jargon heavy communications such as quarterly reports to provide easy to digest and topical notes from the very frontier of investment thinking.  Our beginnings were relatively modest but the weekly review has gone from strength to strength over the past four years and this year we thought we would celebrate by creating a compendium of 2019’s weekly blogs.

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Convexity Complexities

Lorenzo La Posta - 2 December 2019

Slow economic growth, subdued inflation, mature business cycle, political risks, unfavourable demographics: the backdrop to today’s equity markets is challenging and adding convexity to portfolios can prove to be a highly valuable defensive solution. Be it via options, convertible bonds, tactical tilts or any other method and tool available, this must be managed carefully though. Increasing convexity imprudently can prove ineffective and expensive, but making wise use of it can reduce risks, smoothen the journey towards the investor’s objective and enhance returns over time.

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