Investment Insights
Global macro
US data and market narratives
Today's topics US economic dataNarrativesOur direct equity positioning Summary US economic data crushed expectations, which were already quite high, overnight. Empire sales, initial claims (perhaps even more importantly, continuing claims) and retail sales all exceeded consensus, and risky assets were…Emerging markets
We're reducing our emerging markets exposures in our portfolio and increasing our allocation to cash.Equity market review
We look at recent portfolio performance, discuss trends in the equity market, and review why we're continuing to hold TPG and SHL.Core Equity Portfolio update
We compare the portfolio positioning to the broader market and peers, and why we're not concerned about the departure of David Teoh from TPG.Bond yield rises
The "taperless tantrum" in bonds, and why we're considering reducing our emerging markets exposures.PDN
Why we wouldn't invest in PDN: a worked example of our equities process.Funds management businesses
We take a short look at the case for investing in funds management businesses.Global macro update
We look at stimulus measures and their impact on global growth. Despite the high growth, we remain underweight equities.Important Information
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