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Multi-Asset Blog - Mayday UK Election

09 July 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset
Mayday

Politics has not lost its power to bamboozle pollsters and surprise markets. What was meant to be an opportunity to secure a strong conservative majority, now looks like a seriously rash move. Theresa May’s conservative government has been forced to attempt to form a coalition with the Democratic Unionist Party to secure a parliamentary majority. If they fail to reach an agreement, there is every possibility that the UK voters will be back at the polling stations later in the summer. 

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Multi-Asset Blog - America Last?

11 May 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset
America Last?

US investors could be forgiven for putting America first in their asset allocation over the last seven years. US stocks gained over 130% from the end of 2009 to the end of 2016, whilst the rest of the developed world rose less than 30% and emerging markets only managed to return 6% in dollar terms.

American equities have had a lot going for them: a hugely supportive central bank, the strongest recovery of the large developed economies, high and growing margins and a vast buyer of equities – the companies themselves - issuing debt to buy back shares. These elements have all contributed to stronger earnings growth than was available elsewhere. In addition, global investors have been willing to attribute higher valuations to capture these earnings, further boosting share prices. 

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Multi-Asset Blog - Choppy markets after flat calm

21 April 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset
Choppy markets after flat calm

After months of plain sailing in markets, a squall has buffeted markets over the last month. Global equities when measured in Sterling have fallen 4.5% from peak to trough. In the US, equity markets had gone 110 days without falling 1%; they typically fall that much every 11 days. That run inevitably came to an end in March. 

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Multi-Asset Blog - The Fed raises rates

16 March 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset
Surprise! The Fed raises rates expected

Just three years ago, the Federal Reserve predicted that by March 2017, interest rates in the United State would have been hiked 11 times and stand at 3%. The reality has been just 3 rate rises to 1%. Disappointing growth and subdued inflation has dissuaded the committee from increasing rates at a faster pace.  

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Multi-Asset Blog - Buffett’s bet on fees

28 February 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset
Buffett’s bet on fees

I spent Sunday morning reading Berkshire Hathaway’s shareholder letter. Berkshire is no ordinary company, and its letter written by CEO Warren Buffett is no ordinary annual report. Its packed with wit and wisdom, covering a wide range of subjects from share buybacks to accounting standards. Remarkably he makes these subjects entertaining, which goes some way to explain why I’ve been reading his annual letters for almost 20 years. 

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Multi-Asset Blog - New investment - British Empire

15 February 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset.
British Empire: an undervalued asset

Sometimes investing is simple. Everyone understands that if you can buy something for less than it’s worth you should do well. British Empire adopt this approach in less well researched parts of the market, looking for both undervalued assets, and importantly, underlying assets that will appreciate over time. Their hunting ground is in investment trusts, family controlled holding companies and property companies listed around the world. These give them exposure to a hugely diverse range of investments, including ecommerce businesses, New York real estate, Swedish industrials and German residential property. 

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Multi-Asset Blog - The devil and the deep blue sea

08 February 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset.
The French elections: Between the devil and the deep blue sea? 

2016 was a year of tremendous political upheaval and yet calm markets: the Brexit vote was shrugged off in a few days and Trump’s election result in a couple of hours. How will markets respond to political risks in 2017?  

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Multi-Asset Blog - Trump takes his seat

25 January 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset.
Last Friday saw Donald J Trump take his seat at the Resolute desk in the oval office.

Many commentators doubted that he could become the most powerful man on the planet and sometimes struggled to keep up with his policies once he took office. So, what can we glean from his inauguration speech? Here are the key points and their implications for markets: 

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Multi-Asset Blog - Welcome

12 January 2017

Will Bartleet, CIO and Portfolio Manager of Pacific Multi-Asset.
Happy New Year and a very warm welcome to my first blog post as CIO at Pacific.  

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