One of the most attractive areas in terms of valuation is that of investment trusts. We use investment trusts extensively across the portfolios such as Momentum Diversified Growth Fund (MDGF) and Momentum Diversified Income Fund (MDIF); where the income generation from trusts is crucial. Download PDF
French president Emmanuel Macron’s decision to dissolve parliament and hold snap elections (just weeks before the start of the 2024 Olympic Games in Paris no less) seems strange and rushed at first glance but there may be a method to the madness. Will it backfire? Download PDF
In contrast to the huge growth in passive AUM in recent years, conditions for active managers are arguably the hardest they’ve been at any time in recent decades, driven in particular by: the higher interest rate environment, leading to steep losses on fixed income assets and investors switching into or
While Chinese state-owned enterprises (SOE) reform is not a new phenomenon, changes appear to have gathered pace over the last 18 months, beginning with the ‘Three-Year Action Plan’ in November 2022, which set out a strategy to improve corporate governance and communications. Download PDF
May, being Mental Health Awareness Month, provides a perfect opportunity to assess the current state of the market and identify potential symptoms of its existing imbalances and disorders. To do this, we must first conduct health checks on the market structure, its key players, and their motives, enabling a better
Recent years have demonstrated the flaws of a traditional 60/40 equity/bond portfolio. Such portfolios suffered one of their worst years on record in 2022, when accelerating inflation and rapidly rising interest rates proved a hostile environment for both global equities and global bonds. Download PDF
Since late February, the gold price has soared to new heights in nominal terms, trading at 2,349 dollars per troy ounce. There are various contributing factors including anticipated delays to rate cuts following stickier-than-expected inflation; rising geopolitical risks in the Middle East; and a weakening US dollar. The two biggest
Share repurchasing, commonly known as buybacks, entails a company repurchasing its own shares from the market, subsequently retiring, or holding them as treasury stock. This strategy diminishes the number of outstanding shares, thereby augmenting earnings per share (EPS) and the company's stock price, given constant or growing earnings. The efficacy
Global developed equities ended the first quarter strongly with both the US and Japan equity indices reaching all-time highs1. However, these gains were largely skewed towards the larger cap stocks. This is even more prominent in the case of the US market where a handful of mega cap stocks, namely