Good morning,


Equities enjoyed a positive start to last week, with Monday and Tuesday experiencing the best back to back days since April 2020. However, it is worth noting that the price of admission was the confirmation on the previous Friday that we have now seen three consecutive negative quarters for equities. It highlights the point we have tried to illustrate in the past: some of the best days for equity markets can happen during very volatile periods, and trading in and out of the market is fraught with risks.


The above points were amongst a number of the key topics we discussed at our in person events last week. We also covered the latest positioning across our multi-asset funds, where we maintain a bias for equities over fixed income (albeit less so than at times in recent years). Our most recent update to our asset allocation has been to increase the duration of sovereign bonds across relevant portfolios, moving from a strong underweight stance to being more neutrally positioned. With core eurozone yields close to their highest levels in a decade, we may be experiencing a structural inflection point within sovereign fixed income markets.


As always, if you wish to discuss anything in this newsletter in further detail, please do get in touch.