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Santa Claus makes his annual visit
Investors must have been good last year – the Santa Claus rally, so often a feature of end-of-the-year stock market trading, made an appearance once again. For the uninitiated, the Santa Claus rally is a phenomenon well-documented by stock market historians over a lengthy period. More often than not, share prices seem to spike upwards over the Christmas period, no matter how well or badly the market was performing in the run up to the festive season. The precise figures depend on the period you consider. Traditionally, the Santa Claus rally was supposed to take place in the...
3 weeks ago
rplan_david
40 reputation
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Hybrid Portfolio - Significant Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Hybrid Significant portfolio produced a good, positive return of 4.32% and performed in line with its composite benchmark over the fourth quarter of 2016. The portfolio’s preference for international equities over UK equities was the major positive and would have been more so but for regional positioning. The portfolio’s current annualised volatility remains well below the 15%-25% range (at the end December 2016). We are comfortable with this at this stage, as the portfolio is 100%...
3 weeks ago
RaynerSpencerMills
24 reputation
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Hybrid Portfolio - Higher Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Hybrid Higher portfolio produced a good, positive return of 2.87% and outperformed its composite benchmark over the fourth quarter of 2016. The portfolio’s underweight position in property and its overweighting of equities were the main positives. The preference for international equities over UK equities also helped and would have been more positive but for regional positioning. The portfolio’s current annualised volatility remains below the 10%-15% range (at the end of December 2016). ...
3 weeks ago
RaynerSpencerMills
24 reputation
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Hybrid Portfolio - Medium Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Hybrid Medium portfolio produced a good, positive return of 1.55% and outperformed its composite benchmark over the fourth quarter of 2016. Its small underweight position in fixed-income assets and its small overweighting equities were positives, while the preference for international equities over UK equities was also positive and would have been more positive but for regional positioning. The portfolio’s current annualised volatility remains below the centre of the 5%-10% range (at...
3 weeks ago
RaynerSpencerMills
24 reputation
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Hybrid Portfolio - Lower Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Hybrid Lower portfolio produced a very small positive return of 0.06% over the fourth quarter of 2016 and outperformed its composite benchmark, which produced a negative return. The portfolio’s small overweight position in fixed-income assets and its small underweighting og equities were negatives given the relative performance of these assets, but the preference for international equities over UK equities was positive. The portfolio’s current annualised volatility is now well above...
3 weeks ago
RaynerSpencerMills
24 reputation
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Active Portfolio - Significant Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Active Significant portfolio produced a good, positive return of 3.76% over the fourth quarter of 2016 but underperformed its composite benchmark. The portfolio’s preference for international equities over UK equities was a positive and would have been more so were it not for regional positioning. The portfolio’s current annualised volatility remains below the 15%-25% range(at the end of December 2016). We are comfortable with this at this stage, as the portfolio is 100% invested in...
3 weeks ago
RaynerSpencerMills
24 reputation
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Active Portfolio - Higher Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Active Higher portfolio produced a good, positive return of 3.59% and outperformed its composite benchmark over the fourth quarter of 2016. The fund’s small underweight position in fixed-income assets, an underweight position in property and an overweighting of equities were the main positives. The preference for international equities over UK equities also helped and would have been more positive but for the regional overweight and underweight positions. The portfolio’s current...
3 weeks ago
RaynerSpencerMills
24 reputation
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Active Portfolio - Medium Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Active Medium portfolio produced a good, positive return of 1.41% and outperformed its composite benchmark over the fourth quarter of 2016. The portfolio’s very small underweight position in fixed-income assets and its very small overweighting of equities were positives, as was the preference for international equities over UK equities. Indeed the latter would have been more positive but for the regional positioning in this asset class. The portfolio’s current annualised volatility...
3 weeks ago
RaynerSpencerMills
24 reputation
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Active Portfolio - Lower Risk - January 2017
Quarterly portfolio update for the period 01 October 2016 until 31 December 2016 Overview The Active Lower portfolio produced a positive return of 0.23% and outperformed its composite benchmark over the quarter, which delivered a negative return. The portfolio’s small underweighting of fixed-income holdings and its small overweight holdings in equities were a major positive given the relative performance of these asset classes. A preference for international equities over UK equities was also positive. The portfolio’s current annualised volatility is close to the upper end of...
3 weeks ago
RaynerSpencerMills
24 reputation
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Rated Fund - JPM Emerging Markets Income - December 2016
Whilst the fund is bottom up driven, the yield requirements mean there will be some tilts at the country level due to dividend paying cultures. As a result Korea and India are always likely to be underweights. Whilst portfolio construction is bottom up, macro risks are limited by country and sector constraints of +/- 10%. This is not a fund where sector or country should dominate returns for the overall portfolio. Turnover for the portfolio has been historically low averaging 25% due to the long term nature of recommendations from the analyst team, with the majority of the...
1 month ago
RaynerSpencerMills
24 reputation
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Rated fund under review: Schroder European Opportunities - December 2016
UNDER REVIEW: The fund has been placed Under Review following a change in resource around the business cycle approach. Schroder European Opportunities (c) Rayner Spencer Mills We present all our findings in good faith and we will not be liable for any losses arising or purportedly arising as a result of acting on this information. Our information does not constitute advice or recommendation. ...
1 month ago
RaynerSpencerMills
24 reputation
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Rated fund under review: Schroder European Equity Absolute Return - December 2016
UNDER REVIEW: The fund has been placed Under Review following a change in resource around the business cycle approach. Schroder European Equity Absolute Return (c) Rayner Spencer Mills We present all our findings in good faith and we will not be liable for any losses arising or purportedly arising as a result of acting on this information. Our information does not constitute advice or recommendation. ...
1 month ago
RaynerSpencerMills
24 reputation
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The platform approach to Isa investment
Make room for the middleman. In most walks of life, if you know what you want to buy, going to the seller direct, rather than through an intermediary, is the best way to get the cheapest deal. But that isn’t generally true if you’re buying investment funds, whether within a tax-free individual savings account (Isa) or on a standalone basis. In the funds business, the deals that online intermediaries broker with fund managers usually mean that they offer more competitive charges on a given fund than you would get direct from the manager. On these fund platforms, you shouldn’t have ...
1 month ago
rplan_david
40 reputation
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How to keep a level head when markets plunge...
Did the all-time high achieved by the UK stock market in October 2016 mark a high-water mark that will not be washed away for some time, or was it only the beginning of an extended period of strong returns? Sensible investors know better than to play that game – they’re in it for the long term, rather than to try to second-guess short-term market movements. That said, however, when share prices do start to slide – and your investments fall in value – it isn’t always easy to stay calm. The secret to keeping your cool in the face of such adversity is to focus on the lessons of the...
2 months ago
rplan_david
40 reputation
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Old Mutual UK Equity Income fund
Old Mutual Global Investors have recently announced a change of manager on their UK Equity Income fund which is rated by RSMR. In such circumstances we require time to review the new manager alongside any changes in process. The recent announcement indicated that Ed Meier had been promoted to fund manager with immediate effect and Stephen Message, the current manager, is leaving the organisation. Ed has been an analyst for 16 years and has long been part of the Richard Buxton’s investment team joining OMGI in 2013. We do not think there are any short term issues in continuing to...
2 months ago
RaynerSpencerMills
24 reputation
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What the greatest investors of all time have in common
Is there a magic formula for investment? If so, no-one is sharing it – but perhaps we might work it out for ourselves by studying the sayings and doings of the investors we admire. And if you do spend some time looking at how the greatest investors of all time have performed so strongly, you’ll find they do share certain attributes and skills; above all, the lesson to learn from these masters is that what matters above all is temperament. Investment styles, from value to growth, fall in and out of fashion. There’s always more you can learn about the technical aspects of...
2 months ago
rplan_david
40 reputation
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Why top-performing women fund managers have the edge
Is your money in a fund managed by a woman? Chances are that the answer is no, since fewer than one in 10 funds available to investors in the UK is run by a woman fund manager. And that should be cause for regret – recent rplan research revealed that women fund managers are punching well above their weight. rplan looked at the performance of UK funds going back over the past five years and found that while women fund managers were in charge at just 9 per cent of them, they were responsible for a disproportionate 18 per cent of the top performers. In other words, women fund...
2 months ago
rplan_david
40 reputation
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Dealing with currency exposure
Are you a Marmite fan? If so, October’s reports that the breakfast topping might disappear from the shelves amid a dispute with supermarkets over the cost of groceries following the slump in the value of the pound may have spooked you. And while the threat was lifted quickly, the underlying issue hasn’t gone away: the value of sterling against other world currencies has fallen sharply in the months following the UK’s vote to leave the European Union referendum. However, while the volatility seen in the currency markets since the referendum is unusual, it’s far from unprecedented....
3 months ago
rplan_david
40 reputation
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US Presidential Election
For the second time this year the pollsters and the investment industry have been surprised by the outcome of a political event in a western democracy. On this occasion as with the Brexit vote in the UK it has created uncertainty. The election of Donald Trump brings with it many unknowns as well as higher levels of speculation as to the likely policy changes that will be prioritised by his presidency. As might be expected at this stage it is too early to comment about the effect he may have on the global economy given there are 100 days before he takes office and he has yet...
3 months ago
RaynerSpencerMills
24 reputation
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Rated fund under review - Schroder UK Alpha Income - October - 2016
UNDER REVIEW:The fund has been placed Under Review following changes to the team. Schroder UK Alpha Income fund fact sheet (c) Rayner Spencer Mills We present all our findings in good faith and we will not be liable for any losses arising or purportedly arising as a result of acting on this information. Our information does not constitute advice or recommendation. ...
3 months ago
RaynerSpencerMills
24 reputation
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