


Oil slides into uncharted waters
In this month’s video Ritu Vohora, Investment Director, looks at oil’s tumultuous ride in the wake of the COVID-19 pandemic, which has prompted the most profound impact on energy demand in 70 years alongside oversupplied… Read the article

Caught between its safe-haven status and a broad sell-off in all asset classes, gold has been exceptionally volatile since mid-February. After reaching its highest level since late 2012 in early March, it fell alongside risk… Read the article

Capitalism meets Coronavirus
In this month’s video Ritu Vohora, Investment Director, looks at the record levels of support from central banks and governments, and asks could the pandemic prompt an alteration in the capitalist model and act… Read the article

Despite the clearly tragic short-term impacts of the coronavirus, could the outbreak be an unintended agent of change? In this month’s video, Investment Director, Ritu Vohora looks at the potential silver lining amidst the fear… Read the article

Market impact
The coronavirus outbreak has replaced trade wars as the dark storm bearing on markets, sending jitters across global financial markets amid fears of a hit to the global economy.
Despite some… Read the article

As we look ahead to 2020, the US Presidential election is now seen as the most significant tail risk for markets. In this month’s video, Investment Director, Ritu Vohora looks at what the wide range… Read the article

2020 outlook – hidden in plain sight
Equity markets have remained relatively resilient year-to-date, despite investors facing multiple headwinds. In this month’s video, Investment Director, Ritu Vohora takes a look back at the factors that characterised the landscape in 2019, and also… Read the article

Gold has been trending upwards since the fourth quarter sell-off and is now at its highest level since 2013. In this month’s video, Investment Director, Ritu Vohora looks at the driving forces behind investors’ renewed… Read the article

Currency wars: tweetstorm in a cup?
The Fed delivered its much anticipated interest rate cut at the end of July. In this month’s video, Investment Director, Ritu Vohora looks at the implications for the US dollar. Could the US Treasury resort… Read the article

Bonds vs Equities: who’s right?
While bonds appear to be signalling an economic slowdown, equities are suggesting growth will continue. In this month’s video Investment Director, Ritu Vohora looks at the conundrum facing investors, with mixed messages emanating from bond… Read the article

All eyes on trade
In this month’s video, Investment Director, Ritu Vohora looks at the escalating trade war between the US and China, with tensions reducing risk appetite and intensifying fears of a global economic slowdown.
‘Sell in May… Read the article

In this month’s video, Investment Director, Ritu Vohora looks at the recent ‘buyback wave’ fuelled by corporate tax cuts. Do share buybacks only benefit company executives or do they also create long-term value for shareholders?
… Read the article
Is the US bull market long in the tooth?
This March marks the 10-year anniversary of the longest bull market in history that has been ploughing on in the US since early March 2009. The S&P 500 Index has delivered a staggering 400% in… Read the article

Earnings season – ‘some welcome surprises?’
In this month’s video Investment Director Ritu Vohora, offers some key takeaways following the latest round of quarterly earnings announcements. Results were better than feared, with actual reported earnings surprising positively, particularly in the US. The… Read the article

US Fed climbs down from rate hikes
In this month’s video, Investment Director, Ritu Vohora, looks at the Fed’s dramatic shift to a more dovish stance, with an emphasis on patience. The Fed’s pause was welcomed by investors in January and is… Read the article

In this month’s video, Investment Director, Ritu Vohora looks at the evolution of the FTSE 100 over the past 35 years and whether UK equities are a buying opportunity
As 2019 begins, it inherits a… Watch the video

In this month’s video, Investment Director, Ritu Vohora reflects on the return of volatility in 2018 and what it means for equities as we look ahead to the new year.
Despite a modest equity rebound… Read the article

Red October – Halloween spooks markets
In this month’s video, Investment Director, Ritu Vohora looks at October’s frightful market sell-off and the return of bearish sentiment. Is this a healthy shake-out or the start of a more prolonged downturn?
Spooky October lived… Read the article

Mind the Gap – US vs ROW
In this month’s video, Investment Director, Ritu Vohora looks at the sharp divergence in equity markets. Are we at an inflection point?
Global equity markets sit at an important juncture. They have diverged sharply this… Watch the video

Gold – has it lost its lustre?
Gold posted its fifth straight monthly drop and has fallen almost 8% YTD despite escalating trade tensions and geopolitical risks. In this month’s update, Ritu Vohora, Investment Director looks at why the precious metal seems to have… Watch the video

Are the FAANGs losing their bite?
Earnings disappointments from the likes of Facebook has sparked concerns whether the stupendous growth of tech stocks can continue. After a decade wins, are the FAANGs losing their bite? In this month’s update, Ritu Vohora, Investment Director… Watch the video

With World Cup fever captivating the globe and the tournament providing lots of surprises, Investment Director, Ritu Vohora, looks at the importance of having a strong offence and defence strategy when thinking about sector… Watch the video

Emerging markets: “Taper tantrum” déjà vu?
In this month’s update Ritu Vohora, Investment Director, explores the impact of rising US yields and a resurgent dollar on emerging markets. Is this a déjà vu of 2013’s ‘Taper… Watch the video

Earnings season – “as good as it gets”?
In this month’s update Ritu Vohora, Investment Director, reflects on the Q1 earnings season. It’s been exceptional so far, at least compared to expectations. Are we at ‘peak… Watch the video

In this month’s update Ritu Vohora, Investment Director, looks at the threat of trade protectionism on global… Watch the video

Keep calm and stay invested
In this month’s update Ritu Vohora, Investment Director, examines the implications of February’s spike in market volatility. The bull market is likely still intact, but we are entering choppier… Watch the video

In this month’s update Ritu Vohora, Investment Director, looks at the implications for US tax reform on equities. How much is priced in already and will the new fiscal stimulus provide a boost to US… Watch the video

In this month’s update Ritu Vohora, Investment Director, looks at what effect macroeconomic events this year could have on… Watch the video

In this month’s update Ritu Vohora, Investment Director, looks at what has driven the ‘most hated bull market in history’ and asks how much further it has to… Read the article

In this month’s update Ritu Vohora, Investment Director, asks whether the environment is now more favourable for active… Read the article

This year has not quite followed the script: investors were expecting improving economic growth and rising inflation to be accompanied by steeper yield curves, with the more defensive/quality stocks and so-called ‘bond proxies’ coming under… Read the article


In this month’s update Ritu Vohora, Investment Director looks at what is driving the momentum in… Watch the video

Is the era of cheap money coming to an end? In this month’s update Ritu Vohora, Investment Director, reviews central banks increasingly hawkish… Watch the video

Are political surprises and uncertainty now the new normal? It could appear that way after yesterday’s general election resulted in a hung parliament after the ‘dead cert’ Conservative majority predicted just seven weeks ago. The… Read the article

Global Q1 2017 earnings delivery was the best quarter in over six years. In this month’s update Ritu Vohora, Investment Director, reviews the earnings outlook for the rest of the… Read the article

M&A activity has begun 2017 on a positive note after falling in 2016. In this month’s update Ritu Vohora, Investment Director, considers whether the current level of activity is… Read the article

Politics is important, but no-one knows what the outcome of the Brexit negotiations will be. In this month’s update Ritu Vohora, Investment Director, looks at what the facts are currently telling us about the UK economy and… Read the article

Global equities continued to rally in February driven by an improvement in both economic data and earnings expectations. In this month’s update, Ritu Vohora, Investment Director, looks at the prospect for earnings growth in… Watch the video

Global equities started 2017 in a buoyant mood and in this month’s update, Ritu Vohora Investment Director, looks at sustainability of the equities rally. Is this just the result of the so-called ‘Trump boost’ or do… Watch the video

Correlation collapse: Ripe for stock picking
Stock correlations are now at their lowest level since the GFC in 2008, prompting a seismic change in the investor landscape and a more favourable, less constrained market backdrop for stock pickers. Until last year,… Read the article

In the aftermath of the Brexit vote, UK interest rates and bond yields fell to their lowest levels since records began in 1694! This was mirrored by global yields and appeared to trigger a sea-change… Read the article


With Republican candidate Donald Trump winning the race to the White House, populist sentiment and anti-establishment feelings are making their presence felt at the ballot box.
Investment Director, Ritu Vohora provides an update on the… Watch the video

Low-volatility strategies are supposed to insulate investors from market bouts of turbulence. But lately, that’s been flipped on its head, as the strategies have underperformed and fund flows are retreating.
In the latest in our… Watch the video

European markets are facing a number of challenges, not least in the region’s banking sector as recent events highlighted. However, European equities are attractively valued and there are signs of an improving economic backdrop.
In… Watch the video

In the US, the clock is ticking down to November’s presidential election . . . the shock Brexit result in the UK demonstrated how voters can catch the markets unaware.
In the latest of… Watch the video

Having grown up in Kenya and spent lots of time in the African savannah, I have always been fascinated by herd behaviour. The annual wildebeest migration sees over two million animals migrate to find greener… Read the article

Global equity markets rallied sharply in July from their post-referendum lows, helped by better US data, supportive central banks and defensive positioning ahead of the Brexit vote.
In this, the second of our regular video… Watch the video

Global markets and the political and economic landscape were dominated last month by the unexpected result in the UK’s EU referendum.
In the first of a regular video series on the equities markets, Investment Director,… Watch the video

We’ve all felt the euphoria of finding that sought-after purchase at a bargain price. And there are certainly bargains to be found in equities in the current environment. But I think investors should proceed with… Read the article
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OKWelcome 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.
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