The First to Present His Case

There is a proverb I like which states: “The first to present his case seems right, till another comes forward and questions him.” * The context of this proverb suggest it relates to court judgements but equally it is relevant to investment opinions as fund managers advocate polar opposite views on the investment case for differing assets and markets. For …

Not Bad! That Bad?

Undertaking investment portfolio reviews or supplying valuation statements when equity markets have taken a pounding is not always comfortable. It came as a surprise therefore to learn that one year equity fund returns were not as bad as I had expected. Last week I reviewed a client portfolio and as part of my fund analysis report I included data on …

Will Downbeat Sectors Re-Rate?

A notable feature in the investment markets in the last year or two has been the significant differential performance of various equity sectors. A recent example of this was highlighted for me in a report to clients holding specialist funds. The one year returns to 1/11/13 (Source: Morningstar) were: Baring German Growth                             38.0% Blackrock Gold & General                       -43.5% …

Emerging Markets in the Doldrums

One of the most notable observations of the equity rally in the last year has been the disparity between the performance of developed markets and emerging markets. The latter were already lagging in the first few months of 2013 but were then hit by a strong sell off starting in late May when the US Federal Reserve announced plans to …