Points de vue & Analyse

Vaccinations and the pandemic are still taking different paths globally, leading to ongoing change but economic recovery remains. Andrew Lake explains why earnings and the broader vaccination outlook will be key to the sustainability of the recovery story.

What does this really mean for both investors and their clients? How motivated are investors to choose investments for the truly long term and the more holistic outcome of climate reduction, de-carbonisation and ultimately sustainable ESG policies?

Inflation and how to deal with it. Andrew Lake looks at the possible inflation scenarios and the concept of ‘good’ inflation.

Euphoria in global fixed income markets one minute to gloom the next! Should we be worried? Read Andrew Lake’s latest insight here

Much like the container ship in the Suez Canal, the financial markets – for the most part – have been fairly immovable of late both in the face of several conflicting themes – hope, better data, a “third wave” of the virus in Europe and a fairly haphazard global campaign of vaccination. The likelihood is that the second quarter will be much more positive for a number of reasons. Andrew Lake explains more.

Here we go again: Europe is experiencing more lockdowns. We are seeing some signs of a resurgence of the virus in certain states across the US. What does this mean to the economic growth prospects across each region? Andrew Lake explains more.

Fixed income markets remain in a holding pattern. Meanwhile, the prospect of rising economic growth with stimulus is creating anxiety about inflation. Should we be worried?

It has been a rollercoaster of a ride for US Treasuries recently. Where next? Andrew Lake shares his insight into the week’s events in fixed income markets.

The main subject of interest in fixed income markets is the reflationary argument. What is the impact and should we be concerned about rising inflation and interest rates?

An impressive start to February in global fixed income markets. Are financial markets over-extended? Andrew Lake provides his insight into inflation, bubbles and the US dollar.

Themes for 2021: Our global equities team has identified nine broad themes that position companies to take advantage of transformative, long-term trends. We’ve summarised them here.

Where next? Despite stronger economic data, markets are consolidating and vaccine nationalism is emerging. What’s going to be the driver of fixed income markets over the next few weeks? And does the outlook for 2021 remain positive?

Nous estimons que les convertibles demeurent robustes de par leurs rendements ajustés au risque et leurs capacités à générer des performances élevées au cours des premières phases de reprise. Il existe cinq facteurs favorables à cette classe d’actifs en 2021 :

The ‘Blue Wave’ is finally here, but this is against a backdrop of rising political tensions in the US and inflation moving back on the agenda. What does this mean for fixed income markets?

Prospects for UK equities appear highly favourable for 2021, generally and specifically so. Generally, macro-economic policy is unprecedentedly supportive for financial assets, with returns potential highest amongst equites where free cash flow growth is theoretically worth relatively more than ever before, hence equities are an attractive asset class and arguably the asset class of choice.

While many will remember 2020 as an annus horribilis, the large-scale roll-out of vaccines will put the global economy back on the growth track in 2021. Aside from its health consequences, the Covid-19 pandemic has shaken up our lifestyles, consumption habits and social relationships. It has also raised questions about how our democracies work and brought whole swathes of the economy and culture to their knees.

We are exceptionally optimistic about stock picking opportunity given the rich mix of events at aggregate levels and issues at idiosyncratic or individual levels: in effect the ‘top down and bottom-up’ mix is hugely supportive for stock performance which, in our opinion, sums to the effect that we are in a bull market.

There are still two clearly defined schools of thought – more normality in 2021 with the vaccine news and concerns about the efficacy of vaccine distribution and the impact this will have on global economies. Andrew Lake gives his insight into how this impacts fixed income markets as we approach the end of 2020.

Read our Multi-Asset team’s insight into positioning Multi-Asset strategies in the new normal, where they outline their cautious yet optimistic approach and what the recent vaccine announcements mean for equities.

The post-Covid world had the three upside catalysts for UK equities - resolutions to the US presidential election, Brexit’s final resolution, and an end to Covid. These headwinds will soon disappear. Find out what this means for UK Equity investing going forwards.