Portfolio Thinking

 

Portfolio Thinking

How much sugar is in your sugar?

Soviet-era Polish cinematography is often a source of seemingly absurd catchphrases repeated for generations. “How much sugar is in your sugar” is a classic one from the quirky professor in the 1973 comedy Man-Woman Wanted. When we target particular factors within our equity exposures, I increasingly find myself taking on the role of the professor as I try to answer the question “How much factor is in my factor?”. It might seem like an odd question but we can answer this by relying on simple factor definitions and a holistic approach to combining factors. It’s only once we know what our true exposures are, that we can consider how we avoid any unintended secondary exposures that have the potential to sour the overall outcome.

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Portfolio Thinking

Summer Viewing

If 2016 was the financial market equivalent of gripping TV drama with surprise plot twists, 2017 has been the year of test pattern TV. So far in 2017, worries about North Korea, the French elections, or President Trump-related developments have only had short-lived and localised impacts on markets. So is there anything we need to be watching this summer?

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Portfolio Thinking

Emerging market local currency debt in three charts

Are we starting to see the promise from emerging market local currency debt? Emerging market local currency debt has had strong returns year-to-date but we remain cautious on its future outlook. Here we look at three charts that give us an insight into this asset class.

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Portfolio Thinking

French Toast

Markets toasted France on Sunday night (April 23) as Macron made the second round to challenge Marine Le Pen. It broke a sequence of shock election results in G7 countries and for once meant our Asset Allocation team got a full night’s sleep (see Sunday Bleus which we updated live on Sunday night).

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Portfolio Thinking

Missing the cut; tales from the rough

The plan was to link to my latest cameo on Bloomberg TV, but on a busy news day I didn't make the cut to get a clip on their website. Undeterred, here's summary of what we covered on oil, US unemployment and inflation.

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Portfolio Thinking

The sterling reputation of UK equity funds

Spring has sprung but for many investors and financial advisers there’s still a chill in the air. The performance of UK active managers is once more in the spotlight and yet again threatens to reignite the active versus index debate. This time it is S&P Dow Jones which highlighted that nearly nine out of ten UK equity funds sold in Europe lagged behind their benchmarks in 2016.

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Portfolio Thinking

Assuming the position

We worry about sharing popular investment ideas, since the view is probably in the price. But how do we know if a trade is crowded? Positioning information can give us a clue, although it requires careful interpretation.

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