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Fund commentaries

August 2014

Multi Manager Growth Trust: July 2014

The fund outperformed the IMA Flexible Investment sector, placing it within the top decile over the month and three months to the end of July.

Multi Manager Balanced Trust: July 2014

The fund outperformed the IMA Mixed Investment 40-85% Shares sector, placing it within the top decile over the month and three months to the end of July.

Multi Manager Income Trust: July 2014

The fund outperformed the IMA Mixed Investment 20-60% Shares sector, placing it within the top decile over the month and three months to the end of July.

UK Equity Income Update: August 2014

Entering 2014 expectations were high that the UK stock-market would build on the gains of the previous 18 months and the outperformance of equities against bonds could continue. However to date the year has developed very differently, with the second quarter of 2014 proving to be one of the most challenging periods for equity investors for some time.

Mixed Investment 0-35 Fund: July 2014

With the Federal Reserve’s programme of asset purchases due to finish in October, easy liquidity is coming to an end and there is clearly nervousness about the implications for risky asset classes.

Mixed Investment 20-60 Fund: July 2014

The Fund was established at end of June 2014, making July the first month of performance. In July equity markets became increasingly volatile particularly as the month drew to a close and international equities posted a modest loss.

Mixed Investment 40-85 Fund: July 2014

Although the month began on an encouraging note, equity markets became increasingly volatile as the month drew to a close and international equities posted a modest loss over July.

Multi Index Fund 3: July 2014

Data released in July showed that the UK economy has finally passed its pre-financial-crisis level, with second quarter growth of 0.8% and annual growth of 3.1%.

Multi Index Fund 4: July 2014

Data released in July showed that the UK economy has finally passed its pre-financial-crisis level, with second quarter growth of 0.8% and annual growth of 3.1%.

Multi Index Fund 5: July 2014

Data released in July showed that the UK economy has finally passed its pre-financial-crisis level, with second quarter growth of 0.8% and annual growth of 3.1%.

Multi Index Fund 6: July 2014

Data released in July showed that the UK economy has finally passed its pre-financial-crisis level, with second quarter growth of 0.8% and annual growth of 3.1%.

Multi Index Fund 7: July 2014

Data released in July showed that the UK economy has finally passed its pre-financial-crisis level, with second quarter growth of 0.8% and annual growth of 3.1%.

Fixed Income Focus: Bond market bubble? More like a central bank bubble

As US quantitative easing draws to a close, there is increasing nervousness that the bond market bubble may be about to burst. But the market’s high prices and low yields are not just a problem for bonds, they are a symptom of broader problems created by central bank policy.

UK Property Fund: July 2014

Total returns in the IPD Monthly index were 1.6% for July demonstrating continued strength in the market.

Growth Trust: July 2014

Overall UK equities moved lower in July as rising geopolitical tensions more than offset the effect of the latest batch of firm UK economic data.

European Trust: July 2014

European indices fell in July following a series of negative news flow.

Dynamic Bond Trust: July 2014

Despite further signs of the global economy’s fundamental health, rising geopolitical tensions saw high quality government bond yields fall while lower quality credit yields rose.

Asian Income Trust: July 2014

July was a strong month for Asian equity markets. The FTSE All World Asia Pacific ex Japan Index was buoyed by positive news flows.

UK Active Opportunities Trust: July 2014

Overall UK equities moved lower in July as rising geopolitical tensions more than offset the effect of the latest batch of firm UK economic data.

UK Alpha Trust: July 2014

Overall UK equities moved lower in July as rising geopolitical tensions more than offset the effect of the latest batch of firm UK economic data.

UK Equity Income: July 2014

The FTSE All Share’s modest -0.3% negative return masked the true nature of what was occurring in UK equity markets over July.

UK Special Situations Trust: July 2014

Overall UK equities moved lower in July as rising geopolitical tensions more than offset the effect of the latest batch of firm UK economic data.

All Stocks Gilt Index Trust: July 2014

Gilt prices rose slightly over July with ‘safe haven’ buying as Ukraine-related tensions escalated, offsetting the latest round of robust UK economic data.

All Stocks Index Linked Gilt Index Trust: July 2014

Gilt yields drifted marginally lower over the month.

European Index Trust: July 2014

July was a difficult month for European equity markets, which underperformed other regions.

Global 100 Index Trust: July 2014

Although the month began on an encouraging note, markets became increasingly volatile as the month drew to a close and international equities posted a modest loss over July.

Global Emerging Markets Index Fund: July 2014

Emerging-market equities gained ground last month, continuing their recent outperformance of developed markets as investor confidence was bolstered by news that the further signs of stabilisation in the Chinese economy.

Global Health And Pharmaceuticals Index Trust: July 2014

Global healthcare shares ended the month largely unchanged, performing broadly in line with wider world stock markets as early gains were subsequently lost amid rising geopolitical tensions related to the Ukraine crisis and the conflict in Gaza.

Global Technology Index Trust: July 2014

Encouraging corporate newsflow helped global technology shares to extend their strong run into July, with the sector outperforming the largely flat returns from global equity markets amid rising tensions in Ukraine and conflict in the Middle East.

International Index Trust: July 2014

Although the month began on an encouraging note, markets became increasingly volatile as the month drew to a close and international equities posted a modest loss over July.

Japan Index Trust: July 2014

Japanese stocks outperformed other major markets in July, as a series of encouraging earnings announcements pushed the Nikkei Average to its highest level since January.

Pacific Index Trust: July 2014

The rally in Pacific stock markets continued in July with the FTSE World Asia Pacific ex Japan Index returning 3.4% in local currency terms, translating into a return of 3.8% in sterling.

UK 100 Index Trust: July 2014.

Despite an encouraging start to July, UK equities became increasingly volatile and recorded a second successive month of losses, with the FTSE 100 Index returning -0.1%.

UK Index Trust: July 2014

Despite an encouraging start to July, UK equities became increasingly volatile and recorded a second successive month of losses, with the FTSE All-Share Index returning down 0.3%.

US Index Trust: July 2014

After advancing to a new record high, US equities ended July on the back foot.

High Income Trust: July 2014

Following the Malaysia Airlines tragedy, ongoing Middle East conflict and some high yield redemptions in response to cautious comments from Federal Reserve chair Janet Yellen, ‘safe haven’ buying pushed gilt yields lower.

Fixed Interest Trust: July 2014

During the month of July, the 10 year gilt yield fell from 2.82% to 2.72%.

Sterling Income Fund: July 2014

During the month of July, the 10 year gilt yield fell from 2.82% to 2.72%.

Managed Monthly Income Trust: July 2014

During the month of July, the 10 year gilt yield fell from 2.82% to 2.72%.

Navigating uncharted waters

Running a risk-targeted portfolio is a balancing act between the tried-and-tested long-term relationships between asset classes and making adjustments for the short-term risks that the market always throws at investors.

Multi Manager Income Trust: June 2014

During June the Multi Manager Income Trust returned 0.73% against a return of -0.39% for its IMA sector median. (Source: Lipper, total return net of fees, R class Acc units, from 31 May 2014 to 30 June 2014).

Multi Manager Balanced Trust: June 2014

During June the Multi Manager Balanced Trust returned 0.91% against a return of -0.68% for its IMA sector median. (Source: Lipper, total return net of fees, R class Acc units, from 31 May 2014 to 30 June 2014).

Multi Manager Growth Trust: June 2014

During June the Multi Manager Growth Trust returned 1.21% against a return of -0.56% for its IMA sector median. (Source: Lipper, total return net of fees, R class Acc units, from 31 May 2014 to 30 June 2014).

Fixed Income Focus: Europe's simmering crisis

In the summer of 2012, European Central Bank (ECB) President Draghi promised to do ‘whatever it takes’ to preserve the euro. This triggered a rally in peripheral European credit risk. But apart from lower funding levels for stressed countries, it’s hard to see which problems have actually been solved.

July 2014

UK Equity Income: June 2014

In contrast to most overseas markets, June was a weak month for UK indices, not helped by earnings downgrades and an IPO-fatigued liquidity market.

Breaking down barriers

What we think about Europe, and our place in it, continues to be a controversial topic in the UK.

UK Property Fund: June 2014

The IPD Monthly Index for June showed 1.6% capital growth, the strongest since the recovery began in May 2013. This was still driven predominantly by yield compression, but the contribution of rental growth increased as the wider economy continued to strengthen.

US Index Trust: June 2014

US equities advanced to new record highs in June, buoyed by mounting evidence the economy had begun to improve after contracting during the first quarter due largely to the disruptive impact of severe winter weather.

UK Index Trust: June 2014

UK equities fell in June after Bank of England Governor Mark Carney cautioned that the first rise in interest rates could come sooner than the markets were expecting.

UK 100 Index Trust: June 2014.

UK equities fell in June after Bank of England Governor Mark Carney cautioned that the first rise in interest rates could come sooner than the markets were expecting.

Pacific Index Trust: June 2014

Asia Pacific equity markets advanced amid growing optimism about the region’s economic prospects.

Japan Index Trust: June 2014

After a disappointing start to 2014, Japanese equities have been making up lost ground in recent months.

International Index Trust: June 2014

Underpinned by a combination of strengthening economic data and loose monetary policy, international equity markets posted positive returns in local currency terms during June.

Global Technology Index Trust: June 2014

Following a relatively weak start, encouraging company newsflow subsequently helped technology shares to rally, ending the month ahead of wider global stock markets.

Global Health And Pharmaceuticals Index Trust: June 2014

Global healthcare equities rallied in June, extending their year-to-date outperformance of wider equities markets, buoyed by ongoing merger & acquisition hopes in Europe and the US.

Global Emerging Markets Index Fund: June 2014

Emerging-market equities gained ground last month, continuing their recent outperformance of developed markets.

Global 100 Index Trust: June 2014

Global equity markets posted positive returns in local currency terms during June, although the strength of the pound on the foreign exchange markets meant returns were flat in sterling terms.

European Index Trust: June 2014

European stocks rose initially as investors welcomed the European Central Bank’s (ECB) announcement of a stimulus plan designed to shore up the Eurozone’s economic recovery.

All Stocks Index Linked Gilt Index Trust: June 2014

With the firm tone of some economic data, notably in the US and the UK, raising the prospect that interest rates could rise earlier than expected, global bond yields rose in June.

UK Active Opportunities Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

Asian Income Trust: June 2014

Following the major political events in May, Asian markets were steadier in June. The FTSE All World Asia Pacific ex Japan Index finished the month down 0.15% in sterling terms.

Multi Index Fund 3: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 4: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 5: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 6: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 7: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

UK Special Situations Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

UK Smaller Companies Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

Growth Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

European Trust: June 2014

In June, European ex-UK equity markets were driven lower by geopolitical concerns in Iraq, which subsequently pushed up the price of oil and had a negative impact on airline and travel stocks.

UK Alpha Trust: June 2014

In contrast to most overseas markets, June was a weak month for UK equities as earnings downgrades, a fatigued IPO market and sterling strength hampered returns for domestic investors.

Fixed Interest Trust: June 2014

Gilt yields rose this month as UK house prices reached record levels.

Managed Monthly Income Trust: June 2014

Gilt yields rose this month as UK house prices reached record levels.

Sterling Income Fund: June 2014

Gilt yields rose this month as UK house prices reached record levels.

Dynamic Bond Trust: June 2014

The Dynamic Bond Trust returned 0.89% during June, ranking it in the first decile of the IMA £ Strategic Bond sector over that period. Returns year to date are now 4.84% (I class Acc units).

High Income Trust: June 2014

The High Income Trust returned 1.30% during June (I class Inc units), bringing year to date performance to 6.81%. (Source: Lipper).

Fixed Income Focus: Is there any value left in corporate bonds?

Before making an investment decision, it’s important to consider what compensation you are receiving for taking on risks.

June 2014

All Stocks Index Linked Gilt Index Trust: May 2014

Gilt prices followed their global peers higher during May amid hopes that interest rates can stay ‘lower for longer’.

European Index Trust: May 2014

European stock markets ended the month just below a six-year peak with the FTSE World Europe ex UK Index returning 3.0% in local currencies, or 2.0% in sterling.

Global 100 Index Trust: May 2014

Global equity markets posted positive returns in May, despite concerns over potential deflationary trends in China and Europe.

Global Emerging Markets Index Fund: May 2014

Emerging markets rallied strongly last month with the MSCI Emerging Markets index gaining 2.9% in local currency terms, translating into a gain of 4.2% in sterling terms, outperforming the World indices.

Global Health And Pharmaceuticals Index Trust: May 2014

Healthcare equities generally made progress in May, broadly outpacing the positive returns delivered by wider global stock markets.

Global Technology Index Trust: May 2014

Technology shares ended the month higher, outperforming wider global equity markets.

International Index Trust: June 2014

International equity markets posted positive returns in May, despite concerns over potential deflationary trends in China and Europe.

Japan Index Trust: May 2014

Japanese stocks secured their first monthly advance of 2014 in May, with the FTSE World Japan index returning 3.8% in local currency terms, translating a 4.9% gain in sterling terms.

Multi Index Fund 3: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Pacific Index Trust: May 2014

Asian stock markets gained further ground last month as investors became more optimistic on the outlook for the region. The FTSE World Pacific ex Japan index rose by 1.7% in local currency terms, translating into a gain of 2.9% in sterling.

UK 100 Index Trust: May 2014.

UK stocks gained ground last month with the FTSE 100 Index returning 1.4%.

UK Index Trust: May 2014

UK stocks gained ground last month with the FTSE All Share Index returning 1.4%.

US Index Trust: May 2014

US equities made further progress last month with the FTSE USA index returning 2.4% in US dollar terms, translating into a 3.1% gain in sterling.

Multi Index Fund 4: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 5: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 6: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 7: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

UK Active Opportunities Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Smaller Companies Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Alpha Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Special Situations Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

European Trust: May 2014

European (ex-UK) equity markets grew steadily over the month. Corporate activity - in the form of mergers and acquisitions and initial public offerings - continued at a high pace.

Asian Income Trust: May 2014

Asian politics were in the spotlight globally in May, particularly in India and Thailand.

High Income Trust: May 2014

The High Income Trust returned 1.26% during May (I class Inc units), outperforming its composite benchmark of 95% BofAML BB-B Global High Yield Non-Financial Constrained Index (hedged to sterling) and 5% cash.

Dynamic Bond Trust: May 2014

The Dynamic Bond Trust returned 0.65% during May, taking YTD returns to 4.22% (I class Acc units).

UK Property Fund: May 2014

The commercial property market continues to move forward at pace.

Fixed Interest Trust: May 2014

May saw government bond yields fall as expectations grew that major central banks would keep interest rates low for longer to support economic growth.

Sterling Income Fund: May 2014

May saw government bond yields fall as expectations grew that major central banks would keep interest rates low for longer to support economic growth.

European Index Trust: April 2014

European stock markets fell over the first half of April but soon recovered these losses to end the month in positive territory.

Global 100 Index Trust: April 2014

Global equity markets made modest progress in April. The S&P Global 100 Index returned 0.7% in local currencies, translating into a -0.2% return in sterling terms.

Global Emerging Markets Index Fund: April 2014

Emerging markets were broadly flat over April. Although US economic releases were broadly encouraging, worries about decelerating economic activity in China, and Russia’s involvement in eastern Ukraine, depressed investor sentiment.

Global Health And Pharmaceuticals Index Trust: April 2014

Healthcare shares delivered positive returns in April, extending their positive year-to-date performance relative to wider global equities.

International Index Trust: April 2014

Global equity markets made modest progress in April. The FTSE World Index returned 0.7% in local currencies, translating into a -0.2% return in sterling terms.

Japan Index Trust: April 2014

Japanese stocks under-performed other major markets last month as concern grew that April’s hike in the national sales tax could hit domestic consumption at a time when the strength of the yen threatens to depress exports and corporate profits.

Pacific Index Trust: April 2014

Asian stock markets gained ground last month, as more recent US economic releases suggested the first quarter slowdown was largely attributable to one-off factors and outweighed evidence that growth was decelerating in China.

UK 100 Index Trust: April 2014.

Merger and acquisition activity drove UK equities higher last month with the FTSE 100 Index returning 3.1%. The pharmaceutical sector was focal point of attention, with AstraZeneca the standout performer after US group Pfizer launched a £59 billion takeover bid which, if accepted, would be the largest ever foreign takeover of a UK company.

Multi Index Fund 3: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 4: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 5: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 6: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 7: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Views and insights

August 2014

Fixed Income Focus: Bond market bubble? More like a central bank bubble

As US quantitative easing draws to a close, there is increasing nervousness that the bond market bubble may be about to burst. But the market’s high prices and low yields are not just a problem for bonds, they are a symptom of broader problems created by central bank policy.

Equity Insight: Rate normalisation

There is a heated debate amongst economists and bond investors about what the neutral rate of interest will be in this post-financial crisis world: around 2% because economies are stuck in secular stagnation or closer to 4% as growth and inflation will return to previous averages? From an equity investor’s perspective, one could be forgiven for asking, who cares?

Fixed Income Focus: Europe's simmering crisis

In the summer of 2012, European Central Bank (ECB) President Draghi promised to do ‘whatever it takes’ to preserve the euro. This triggered a rally in peripheral European credit risk. But apart from lower funding levels for stressed countries, it’s hard to see which problems have actually been solved.

July 2014

Equity Insight: Waiting for Yellen’s Carney Moment

We have long identified the first Fed rate hike as one of the key tactical risks on the equity horizon that would warrant us reducing or reversing our longstanding bullish position in equities.

Fixed Income Focus: Is there any value left in corporate bonds?

Before making an investment decision, it’s important to consider what compensation you are receiving for taking on risks.

June 2014

In it for the long term

If you’re a superstitious person then you’ll probably choose your ‘lucky’ lottery numbers each week and will try to avoid walking under ladders or scheduling important events for Friday 13th.

Index-Tracking


Have a look and see what we have been up to over the last 25 years. Find out more.

Economic views

Macro insight

August 2014

Asset Allocation: August 2014

After a prolonged period of benign market volatility, there was a notable spike in risk aversion in the final days of July. 

July 2014

Asset Allocation: July 2014

In the first half of 2014, central bank policy actions have helped investors to shrug off an unexpected slowdown in the US, the unanticipated fall in bond yields and various bouts of geopolitical tension. 

Macro Snapshot - Lazy Summer

Now that we have had a little more time to digest the measures implemented by both the European Central Bank and People’s Bank of China, we have a clearer insight into the likely implications ahead. Generally, it’s good news. 

June 2014

Macro Matters: A new Tulip Mania

Market news over the last couple of weeks has been important in a couple of respects: downside risks in China and Europe have softened somewhat with policy action, an Iraqi black swan has flown into view, and the Bank of England has set itself on a path towards relatively imminent rate hikes.

Macro Snapshot - World Up

Since the last snapshot, the European Central Bank (ECB) announced a new stimulus package, China announced mild policy easing measures and there was a welcome leadership change in the Ukraine and India. 

Asset Allocation: June 2014

The team retains a core view that the global economic outlook is supportive for risky assets.

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