Global Active Credit: July Monthly Commentary
2 minutes read timeIn July, the PCGA USD share class outperformed its benchmark, the Bloomberg Global Aggregate Corporate Index, by 0.39% net of fees. The GBP share class delivered similar outperformance of 0.42% versus the GBP-hedged Bloomberg index.
Emerging Markets Income: July Monthly Commentary
2 minutes read time In July the fund gained 6.3% as markets continued to rally from their April lows. Performance has been broad-based but led by Taiwan, which was driven by the ever-increasing capex for AI, combined with easing tariff concerns.
G10 Macro Rates: July Monthly Commentary
2 minutes read timeJuly net performance was positive at +0.36%. Volatility was much lower than during Q2, reflecting the gradual extension of tariff deadlines, and tariff agreements to levels rates than the shock levels of Liberation Day.
Emerging Markets: July Monthly Commentary
3 minutes read timeIn July, the Strategy outperformed the MSCI Emerging Markets index by 0.6%, during another positive month for the asset class.
Multi-Asset – Investment Outlook – 2025: August Insights
5 minutes read timeOutlook August 2025 After a volatile spring, equity markets have rallied. Looking forward though risks remain, making diversification key. US growth is slowing and labour markets are cooling, but overall the economy is not yet at stall speed. The Fed’s recent pronouncements mean rate-cuts are likely, which may pressure the dollar. Emerging markets, long underperforming […]
Multi-Asset: Market Update August 2025
3 minutes read timeAfter a strong May and June, July proved to be another constructive month for risk assets as markets responded favourably to easing trade tensions, robust corporate earnings, and greater fiscal clarity – despite lingering concerns around interest rates and government borrowing.
Emerging Markets Income: June Monthly Commentary
2 minutes read timeIn June the fund returned 4% (GBP I share class), led by South Korea, Brazil and Greece. The second quarter dividend was GBP0.27555 making a 12m trailing yield of 5.7% which is a yield spread of 210bp over UK inflation.
Emerging Markets: June Monthly Commentary
3 minutes read timeDuring a turbulent April, the Strategy underperformed the MSCI Emerging Markets index by 2.4%.
G10 Macro Rates: June Monthly Commentary
2 minutes read timeNet performance was positive at +1.07%, marking a continuation of the excellent Q1 performance. The strategy as a whole is benefiting from the current uncertain environment.
Global Active Credit: June Monthly Commentary
2 minutes read timeIn May, the PCGA USD share class delivered outperformance of +0.74% over its benchmark Bloomberg Global Aggregate Corporate Index’s 0.21% return. The GBP share class delivered similar outperformance of +0.72% compared to the respective GBP-hedged index.