UK inflation comes in hot at over 10% to hit 40-year high
Stacking the odds in favour of another 50bps rate hike by the Bank of England
Investment
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Parmenion moves overweight govvies
But retains higher allocation to alternatives
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Equity income managers shrug off ‘Armageddon’ UK recession fears and dive into mid-caps
Companies have less balance sheet risk than they did heading into the GFC
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Rotation into risk assets might prove premature
Rebounds in both equities and govvies could have further to run but path to a sustained rally seems particularly narrow
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Is there an investor playbook to navigate a post-pandemic world?
Covid-driven distortions continue to plague the market
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‘Unusually tough’ H1 sees Witan’s NAV plunge 14%
But the investment trust remains committed to its ‘dividend hero’ status
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Is US Inflation Reduction Act a damp squib?
Ambitious measures seek long-term improvements but risk doing little to alleviate the immediate problems
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Finsbury Growth & Income leaps 11% as growth favourites rebound
Train loads up on more Fevertree as shares tank another 12%
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Shrivelling valuations make grim reading for trapped Woodford investors
There may be buyers lined up for the ‘remaining rump of firms’, but at what price compared to the valuations when the funds were suspended?
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Baillie Gifford US Growth unquoteds more than double to 36%
Managers claim owning preference shares has resulted in private valuations falling more slowly than listed counterparts
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Hawksmoor’s Ian Bailey: Process has to fit the client, not the other way round
‘Wealth managers try and undercut each other, but we find that clients increasingly recognise you get what you pay for’
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Abrdn moves to liquidate suspended Eastern Europe fund
Follows similar moves by Jupiter and Invesco as Russian markets remain largely suspended
