Global equities continued their positive momentum through the summer, finishing broadly higher across major regions despite continued headline risks. Risk assets were also supported by a “bad news is good news” story, as U.S. unemployment rose to 4.2%, prompting Fed Chair Powell to note at the Jackson Hole summit that the shifting balance of economic risks may expedite a cut in interest rates.
U.S. equities were broadly flat in sterling terms (up 2% in USD), as renewed investor scepticism about the commercial benefits of AI weighed on technology stocks. A widely discussed Massachusetts Institute of Technology (MIT) study revealed that fewer than 5% of AI pilot programmes had moved from pilot stage to production, tempering enthusiasm in the sector. Even NVIDIA, despite reporting standout earnings with 56% year-on-year revenue growth, saw its share price fall after a data-centre revenue miss – highlighting the elevated expectations that markets are currently pricing in.
Against this backdrop, our position in the iShares USA Value ETF was additive to performance, returning +3.1% as investors looked beyond richly valued, growth centric companies.
Gold extended its rally in August which saw our allocation to gold mining companies via the iShares Gold Producers ETF return over 18% last month. Investors are re-appraising the value of these companies not just on the back of a higher gold price but also the operational efficiencies that have been made in the sector.
In fixed income, we saw real yields falling in the US on the back of the more dovish tone from the Fed, which favoured inflation linked and corporate bonds. This meant we saw positive returns from our position in US TIPs, as well as our allocation to investment grade bonds via the Xtrackers USD Corporate Bond ETF which was up 0.7%.
Within our Alternatives allocation the position in the iShares Physical Gold ETC benefited from the move up in Gold prices, with the allocation up 2.3%. Within Diversifying Assets, our 2s10s steepener (+1.1%) contributed positively as markets priced in more aggressive US rate cuts, steepening the yield curve.
Important Legal Information
ACCEPTANCE
You acknowledge and agree that access to this Site is provided only in accordance with these Terms & Conditions. By accessing this website (the ‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms, our Cookie Policy and also our Privacy & Security Statement. If you do not agree to these Terms & Conditions, please do not make use of this Site.
THIS WEBSITE IS TARGETED AT INVESTORS WHO ARE GENERALLY CLASSIFIED AS QUALIFIED, PROFESSIONAL, ACCREDITED OR INSTITUTIONAL.
The content of this website has been prepared by Pacific Capital Partners Limited [PCP] incorporated in England and Wales, with its registered office at 74 Wigmore Street, London, W1U 2SQ, United Kingdom, registered number 02849777. PCP is authorised and regulated by the UK Financial Conduct Authority, FRN 171200. Pacific Asset Management is a trading name of PCP.
Not for U.S. Persons
The provision of the information in this web site does not constitute an offer of securities to any person in the United States or to any U.S. Person as defined under the Securities Act of 1933, as amended. The information contained in this site about PCP is not directed to any person in the United States. Funds referred to herein are neither registered under the Securities Act 1933 of the USA, nor are they registered under the Investment Company Act of 1940. Consequently, they cannot be offered for sale or be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas.
Terms and Conditions of Use
IMPORTANT LEGAL NOTICE
The following terms and conditions (“Terms”) apply to your access to and use of this website (the “Website”). Each time you access or use the Website, you agree to comply with, and be bound by, the Terms and acknowledge that we may rely upon your agreement. Please read the following Terms carefully and if you do not accept any, please do not access or use the Website.
1. Information on the Website
Except where stated otherwise, the information and content on the Website (the “Information”) is provided by PCP (referred to as “we” and “us”) as at the date indicated on the relevant material and is provided for information purposes only.
You should not rely on the Information and should obtain relevant and specific professional advice in making any investment decision.
None of the material contained on the Website is intended to constitute an offer to sell, or an invitation or solicitation of an offer to buy any product or service provided by PCP and must not be relied upon in connection with any investment decision. The Website does not provide any specific investment advice and does not take into consideration the investment needs of any particular investor or investors.
2. Permitted Users of the Website
The laws and regulations of the country from which you access the Website may include restrictions on the distribution of the Information. The Website is not directed at or intended for distribution to or use by any person or entity in any jurisdiction where (by reason of that jurisdiction’s applicable securities laws, person’s nationality, residence or otherwise) such distribution, publication, availability or use of the Website or any part of its contents would be contrary to applicable law or regulation or would subject PCP to any registration or licensing requirement within such jurisdiction. If you are such a person or entity, you are not authorised to enter the Website. It is your responsibility to ensure that your use of the Website complies with any restrictions or any applicable local laws regarding use of the Information on the Website. Persons or entities in respect of whom such restrictions apply must not access the relevant pages on the Website.
Certain materials on the Website have been created specifically for certain jurisdictions and as such it is your responsibility to ensure you navigate to the correct prepared material. PCP will not be responsible to you for your access to any material incorrect for the jurisdiction that you require.
3. Investment Performance
Past performance is not a guide to future performance. The value of an investment may go down as well up so that an investor’s investment, when redeemed, may be more or less than the original investment amount.
4. Accuracy of Information
The information contained on the Website is provided as is, is subject to change without notice and no guarantee is made as to its accuracy, completeness or fitness for a particular purpose. PCP has expressed its own views and opinions on this website, and these may change without notice. PCP is under no obligation to update information and you should verify any Information or other material obtained from the Website before you use it.
If you use the Information, you do so at your own risk.
In addition, PCP does not represent or warrant that the Website or the servers that make the Website available will be uninterrupted, error free, or free from infection, viruses, worms or any other harmful code which may have contaminating or destructive properties. You are fully responsible for ensuring protective steps to be taken such as virus checking.
5. Internet and email communications
Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration. PCP is not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by PCP or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.
6. Monitoring of communication
To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
7. Exclusion of Liability
To the fullest extent permitted by law, PCP accepts no liability to you or any third party for any losses or damages, including, without limitation, direct or indirect damages, consequential or special damages, loss of use, data or profits, costs or expenses incurred or suffered by you or third party, whether in contract or due to negligence or other tortious action, arising out of or in connection with the access to, use of, reliance on, or performance of this website or any information contained on this website, whether due to inaccuracy, error, omission or any other cause and whether on the part of us, our servants, agents or any other person.
Nothing in the Terms excludes, restricts or modifies any condition, warranty or liability which may at any time be implied by statute or any other applicable law where to do so is illegal or would render any provision of an agreement void.
8. Third Party Websites
Links to third party websites are provided solely for your convenience. We have not reviewed any third party websites and are not responsible for their content. PCP does not endorse or make representations about them, or any material found there, or any results that may be obtained from using them. If you access any third party websites linked to this website, you do so entirely at your own risk.
9. Indemnity
You agree to indemnify PCP from and against any claim brought by third parties against PCP as a consequence of your breach of the Terms. Furthermore, if your use of the Website results in the need for servicing, repair or correction of equipment, software or data, you are responsible for all costs.
10. Intellectual Property Rights
The copyright, trade mark or any other intellectual property rights in the Website and the Information are owned by or licensed to PCP. You may download or print out a hard copy for your personal use provided you do not remove any copyright or other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link to or use for any public or commercial purpose this Website without the prior written permission of PCP.
11. Privacy Policy and Cookie Policy
We are committed to protecting your privacy. PCP may use “Cookies” to collect and access information concerning your visit to and use of the Website and is committed to preserving the privacy of all visitors. Please see our Privacy Policy and Cookie Policy in relation to how your data may be collected, stored and processed by visiting this site.
12. Governing Law
The Terms are governed by the laws of England and Wales and the courts of England and Wales will have exclusive jurisdiction over any disputes arising under them.
Updated and effective as of June 2024
Important Legal Information
ACCEPTANCE
You acknowledge and agree that access to this Site is provided only in accordance with these Terms & Conditions. By accessing this website (the ‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms, our Cookie Policy and also our Privacy & Security Statement. If you do not agree to these Terms & Conditions, please do not make use of this Site.
THIS WEBSITE IS TARGETED AT INVESTORS WHO ARE GENERALLY CLASSIFIED AS QUALIFIED, PROFESSIONAL, ACCREDITED OR INSTITUTIONAL.
The content of this website has been prepared by Pacific Capital Partners Limited [PCP] incorporated in England and Wales, with its registered office at 74 Wigmore Street, London, W1U 2SQ, United Kingdom, registered number 02849777. PCP is authorised and regulated by the UK Financial Conduct Authority, FRN 171200. PCP is also registered as an investment advisor with the US Securities & Exchange Commission (SEC). Pacific Asset Management is a trading name of PCP.
Under no circumstances should any part of this website be construed as an offering or solicitation of an offer. Any investment in the products of this site should only be made on the basis of an Offering Memorandum or Prospectus.
Terms and Conditions of Use
IMPORTANT LEGAL NOTICE
The following terms and conditions (“Terms”) apply to your access to and use of this website (the “Website”). Each time you access or use the Website, you agree to comply with, and be bound by, the Terms and acknowledge that we may rely upon your agreement. Please read the following Terms carefully and if you do not accept any, please do not access or use the Website.
1. Information on the Website
Except where stated otherwise, the information and content on the Website (the “Information”) is provided by PCP (referred to as “we” and “us”) as at the date indicated on the relevant material and is provided for information purposes only.
You should not rely on the Information and should obtain relevant and specific professional advice in making any investment decision.
None of the material contained on the Website is intended to constitute an offer to sell, or an invitation or solicitation of an offer to buy any product or service provided by PCP and must not be relied upon in connection with any investment decision. The Website does not provide any specific investment advice and does not take into consideration the investment needs of any particular investor or investors.
2. Permitted Users of the Website
The laws and regulations of the country from which you access the Website may include restrictions on the distribution of the Information. The Website is not directed at or intended for distribution to or use by any person or entity in any jurisdiction where (by reason of that jurisdiction’s applicable securities laws, person’s nationality, residence or otherwise) such distribution, publication, availability or use of the Website or any part of its contents would be contrary to applicable law or regulation or would subject PCP to any registration or licensing requirement within such jurisdiction. If you are such a person or entity, you are not authorised to enter the Website. It is your responsibility to ensure that your use of the Website complies with any restrictions or any applicable local laws regarding use of the Information on the Website. Persons or entities in respect of whom such restrictions apply must not access the relevant pages on the Website.
Certain materials on the Website have been created specifically for certain jurisdictions and as such it is your responsibility to ensure you navigate to the correct prepared material. PCP will not be responsible to you for your access to any material incorrect for the jurisdiction that you require.
3. Investment Performance
Past performance is not a guide to future performance. The value of an investment may go down as well up so that an investor’s investment, when redeemed, may be more or less than the original investment amount.
4. Accuracy of Information
The information contained on the Website is provided as is, is subject to change without notice and no guarantee is made as to its accuracy, completeness or fitness for a particular purpose. PCP has expressed its own views and opinions on this website, and these may change without notice. PCP is under no obligation to update information and you should verify any Information or other material obtained from the Website before you use it.
If you use the Information, you do so at your own risk.
In addition, PCP does not represent or warrant that the Website or the servers that make the Website available will be uninterrupted, error free, or free from infection, viruses, worms or any other harmful code which may have contaminating or destructive properties. You are fully responsible for ensuring protective steps to be taken such as virus checking.
5. Internet and email communications
Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration. PCP is not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by PCP or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.
6. Monitoring of communication
To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
7. Exclusion of Liability
To the fullest extent permitted by law, PCP accepts no liability to you or any third party for any losses or damages, including, without limitation, direct or indirect damages, consequential or special damages, loss of use, data or profits, costs or expenses incurred or suffered by you or third party, whether in contract or due to negligence or other tortious action, arising out of or in connection with the access to, use of, reliance on, or performance of this website or any information contained on this website, whether due to inaccuracy, error, omission or any other cause and whether on the part of us, our servants, agents or any other person.
Nothing in the Terms excludes, restricts or modifies any condition, warranty or liability which may at any time be implied by statute or any other applicable law where to do so is illegal or would render any provision of an agreement void.
8. Third Party Websites
Links to third party websites are provided solely for your convenience. We have not reviewed any third party websites and are not responsible for their content. PCP does not endorse or make representations about them, or any material found there, or any results that may be obtained from using them. If you access any third party websites linked to this website, you do so entirely at your own risk.
9. Indemnity
You agree to indemnify PCP from and against any claim brought by third parties against PCP as a consequence of your breach of the Terms. Furthermore, if your use of the Website results in the need for servicing, repair or correction of equipment, software or data, you are responsible for all costs.
10. Intellectual Property Rights
The copyright, trade mark or any other intellectual property rights in the Website and the Information are owned by or licensed to PCP. You may download or print out a hard copy for your personal use provided you do not remove any copyright or other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link to or use for any public or commercial purpose this Website without the prior written permission of PCP.
11. Privacy Policy and Cookie Policy
We are committed to protecting your privacy. PCP may use “Cookies” to collect and access information concerning your visit to and use of the Website and is committed to preserving the privacy of all visitors. Please see our Privacy Policy and Cookie Policy in relation to how your data may be collected, stored and processed by visiting this site.
12. Governing Law
The Terms are governed by the laws of England and Wales and the courts of England and Wales will have exclusive jurisdiction over any disputes arising under them.
Updated and effective as of June 2024
Important Legal Information
ACCEPTANCE
You acknowledge and agree that access to this Site is provided only in accordance with these Terms & Conditions. By accessing this website (the ‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms, our Cookie Policy and also our Privacy & Security Statement. If you do not agree to these Terms & Conditions, please do not make use of this Site.
THIS WEBSITE IS TARGETED AT INVESTORS WHO ARE GENERALLY CLASSIFIED AS QUALIFIED, PROFESSIONAL, ACCREDITED OR INSTITUTIONAL.
The content of this website has been prepared by Pacific Capital Partners Limited [PCP] incorporated in England and Wales, with its registered office at 74 Wigmore Street, London, W1U 2SQ, United Kingdom, registered number 02849777. PCP is authorised and regulated by the UK Financial Conduct Authority, FRN 171200. Pacific Asset Management is a trading name of PCP.
Information on this website is solely for eligible persons or companies located in Canada (“Eligible Canadians”) who are “accredited investors”, as defined in National Instrument 45-106 Prospectus Exemptions, and “permitted clients”, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). PCP is not registered as a dealer in any jurisdiction of Canada and trades securities with Eligible Canadians in reliance upon the international dealer exemption that is available pursuant to section 8.18(2) of NI 31-103.
Terms and Conditions of Use
IMPORTANT LEGAL NOTICE
The following terms and conditions (“Terms”) apply to your access to and use of this website (the “Website”). Each time you access or use the Website, you agree to comply with, and be bound by, the Terms and acknowledge that we may rely upon your agreement. Please read the following Terms carefully and if you do not accept any, please do not access or use the Website.
1. Information on the Website
Except where stated otherwise, the information and content on the Website (the “Information”) is provided by PCP (referred to as “we” and “us”) as at the date indicated on the relevant material and is provided for information purposes only.
You should not rely on the Information and should obtain relevant and specific professional advice in making any investment decision.
None of the material contained on the Website is intended to constitute an offer to sell, or an invitation or solicitation of an offer to buy any product or service provided by PCP and must not be relied upon in connection with any investment decision. The Website does not provide any specific investment advice and does not take into consideration the investment needs of any particular investor or investors.
2. Permitted Users of the Website
The laws and regulations of the country from which you access the Website may include restrictions on the distribution of the Information. The Website is not directed at or intended for distribution to or use by any person or entity in any jurisdiction where (by reason of that jurisdiction’s applicable securities laws, person’s nationality, residence or otherwise) such distribution, publication, availability or use of the Website or any part of its contents would be contrary to applicable law or regulation or would subject PCP to any registration or licensing requirement within such jurisdiction. If you are such a person or entity, you are not authorised to enter the Website. It is your responsibility to ensure that your use of the Website complies with any restrictions or any applicable local laws regarding use of the Information on the Website. Persons or entities in respect of whom such restrictions apply must not access the relevant pages on the Website.
Certain materials on the Website have been created specifically for certain jurisdictions and as such it is your responsibility to ensure you navigate to the correct prepared material. PCP will not be responsible to you for your access to any material incorrect for the jurisdiction that you require.
3. Investment Performance
Past performance is not a guide to future performance. The value of an investment may go down as well up so that an investor’s investment, when redeemed, may be more or less than the original investment amount.
4. Accuracy of Information
The information contained on the Website is provided as is, is subject to change without notice and no guarantee is made as to its accuracy, completeness or fitness for a particular purpose. PCP has expressed its own views and opinions on this website, and these may change without notice. PCP is under no obligation to update information and you should verify any Information or other material obtained from the Website before you use it.
If you use the Information, you do so at your own risk.
In addition, PCP does not represent or warrant that the Website or the servers that make the Website available will be uninterrupted, error free, or free from infection, viruses, worms or any other harmful code which may have contaminating or destructive properties. You are fully responsible for ensuring protective steps to be taken such as virus checking.
5. Internet and email communications
Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration. PCP is not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by PCP or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.
6. Monitoring of communication
To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
7. Exclusion of Liability
To the fullest extent permitted by law, PCP accepts no liability to you or any third party for any losses or damages, including, without limitation, direct or indirect damages, consequential or special damages, loss of use, data or profits, costs or expenses incurred or suffered by you or third party, whether in contract or due to negligence or other tortious action, arising out of or in connection with the access to, use of, reliance on, or performance of this website or any information contained on this website, whether due to inaccuracy, error, omission or any other cause and whether on the part of us, our servants, agents or any other person.
Nothing in the Terms excludes, restricts or modifies any condition, warranty or liability which may at any time be implied by statute or any other applicable law where to do so is illegal or would render any provision of an agreement void.
8. Third Party Websites
Links to third party websites are provided solely for your convenience. We have not reviewed any third party websites and are not responsible for their content. PCP does not endorse or make representations about them, or any material found there, or any results that may be obtained from using them. If you access any third party websites linked to this website, you do so entirely at your own risk.
9. Indemnity
You agree to indemnify PCP from and against any claim brought by third parties against PCP as a consequence of your breach of the Terms. Furthermore, if your use of the Website results in the need for servicing, repair or correction of equipment, software or data, you are responsible for all costs.
10. Intellectual Property Rights
The copyright, trade mark or any other intellectual property rights in the Website and the Information are owned by or licensed to PCP. You may download or print out a hard copy for your personal use provided you do not remove any copyright or other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link to or use for any public or commercial purpose this Website without the prior written permission of PCP.
11. Privacy Policy and Cookie Policy
We are committed to protecting your privacy. PCP may use “Cookies” to collect and access information concerning your visit to and use of the Website and is committed to preserving the privacy of all visitors. Please see our Privacy Policy and Cookie Policy in relation to how your data may be collected, stored and processed by visiting this site.
12. Governing Law
The Terms are governed by the laws of England and Wales and the courts of England and Wales will have exclusive jurisdiction over any disputes arising under them.
Updated and effective as of June 2024
