When I sat down to write my review of 2016 I had to admit that it had been a tough year for smaller company fund managers as the sector’s median fund had underperformed the Numis Smaller Companies Index (NSCI) by 2.7%.
With a month to go in 2017, the median… Read the article
Last October, my colleague Tom Dobell wrote about the absurdity of how companies are forced to treat their long-term pension liabilities.
After another couple of reporting periods characterised by falling discount rates, I wanted to lay out in a slightly more mathematical fashion why I think Tom… Read the article
The active-versus-passive debate is once again back in the limelight with the news this week of low-cost passive provider Vanguard’s launch of new website for personal investors. This simply adds fuel to the flames: figures from EPFR suggest that in the past 12 months, passive equity funds have… Read the article
The UK stockmarket as a whole has performed very well over the last twelve months, despite the obvious disruption from the Brexit vote last June. A glance at the various indices shows that investors have paid particular attention to smaller companies – indeed it seems that the mantra has been… Read the article
Whether it’s Brexit, Trump, OPEC or the celebrity death-toll, it feels like we have lurched from one drama to the next in 2016. Stock markets have taken all this excitement and chosen to run with it – the FTSE 100, for example, looks set to end the year close to… Read the article
Most investors are aware that the post-referendum UK equity market rally has not treated all stocks or sectors equally. Since 23 June, for example, the mining sector is up (+38.6%) to date, while retail stocks are down (-8.4%).
In the small-cap space, much of the recent focus post-Brexit has been… Read the article
A regular feature of my life is trying to focus on an IPO (initial public offering) prospectus through sleepy eyes on the 06.35 from Colchester! Unfortunately the complexity of the IPO process often means that the key document – called a ‘pathfinder prospectus’ – only turns up just before (or… Read the article
Company meetings present something of a conundrum. The law rightly says that no investor should be in possession of ‘material non-public information’ when trading in shares, so both fund managers… Read the article
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Welcome to the M&G Multi Asset Team’s Allocation blog, previously known as the Episode blog. We have changed the name of our blog to resonate better with our readers in Europe, however, the content and purpose of the blog has not changed. The Allocation blog continues to aim to provide unique market perspectives from our dedicated team of experienced asset allocators.OK