Market Watch
In summary:
- UK gilts have been the best performing asset class of the last quarter but corporate bonds now offer attractive value.
- We have raised 6% cash ahead of the outcome of the eurozone policymakers’ deliberations in case a deal falls through.
- Alternative investments have provided excellent protection against the volatility of equity markets.
- Our Deposit Alternative portfolio continues to be a safe haven for those concerned about future market turbulence.
Download the full Investment Prospects October 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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In summary:
- Threat of Euro break-up recedes for time being as ECB spends €22bn buying Italian and Spanish bonds.
- US pledge to hold interest rates at close to zero until 2013.
- Japan recovering faster than expected with growth in second quarter down by just 0.3%.
- Stock market valuations cheap in Europe and Japan.
Download the full Investment Prospects August 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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In summary:
- Western economies unexpectedly slow in May, though we do not anticipate another recession.
- Japanese economy now appears poised to rebound as stocks are rebuilt.
- Bonds have rallied strongly despite deteriorating inflation. We remain cautious on bonds.
- Equity markets are underpinned by attractive valuations and company earnings growth.
Download the full Investment Prospects June 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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In summary:
- Earthquake tragedy represents a buying opportunity for undervalued Japanese equities.
- Middle East turmoil not expected to lead to materially higher oil prices, but we remain vigilant.
- UK inflation of 4.4% justifies our continued caution on UK bonds.
- Global economic recovery remains in place though the pace of growth is insipid.
Download the full Investment Prospects March 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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In summary:
- Bank of England reassurances over inflation are worth little. We expect further rises in bond yields.
- Economic news remains supportive of global equities and we are adding to our international exposure.
- UK equities are expensive and company earnings expectations are faltering. We are underweight UK.
- The risks from China and the Middle East are receding – for the moment.
Download the full Investment Prospects Feb 2011
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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