Asset Management

We combine deep qualitative analysis by our team of investment specialists with powerful quantitative analysis from our proprietary software to inform an unconstrained approach for strong, risk-adjusted returns.

February 2019 investment update

Despite a deterioration in economic data, particularly in Europe and China, risk markets started 2019 on the front foot. This seemed to be largely due to a renewed spirit of dovishness amongst some of the world’s most important central bankers, writes Dolfin’s Head of Investment Management, Richard Gray.

Pensions in the millennial age

Millennials’ attitudes and behaviour – and those of their employers – are creating an alien pensions landscape, writes Nick McCall, Dolfin’s Head of Wealth Management.

Dolfin acquires business of UK subsidiary of Falcon Private Bank

Dolfin and the Swiss-based Falcon Private Bank announced today Dolfin’s acquisition of the business of Falcon’s UK subsidiary, Falcon Private Wealth Ltd.

Live long and prosper

Increased life expectancy has brought with it immense challenges for science and society – and abundant opportunities for investors

20 November 2017 / Technology
Author
Dolfin

One of the greatest achievements of the 20th century was the lengthening of human life. According to official records, in 1901 an average man in the UK could expect to live just 48.5 years. Women fared little better at 52 years. Disease was rife and unchecked, living conditions were poor and hunger was a problem families faced daily. But a gradual increase in living standards, coupled with immunisation and better medical practices, turned things around.

By 2001, men could expect to live until 76, while the average women saw her 80th birthday. Throughout the century, vaccination technology cut down infant mortality and treatments for chronic conditions such as heart disease helped more people reach old age. In 2015, nearly 14,570 British citizens had made it to at least 100 years old – a staggering 65 per cent increase on just a decade before. Life expectancy has increased by about 11 weeks per year since the early 1980s.

Survive or thrive?

This is fabulous news, but longer lives have created new challenges for policymakers and the NHS. An aging population means more chronic conditions and a greater reliance on medicines, hospital beds and care. The troubling situation has created an uneven medical environment in which investment from both the public and private sectors, as well as individuals, is vitally important. Small businesses are innovating, but they need growth capital to thrive.

Despite extra money flowing into the NHS every year, revenue per head is falling as the UK’s population expands as a result of our relative health combined with net immigration into the country. Government money has become a sticking plaster, and only innovation in prevention and treatment can keep all the improvements on track. A new generation of start-ups has taken up this challenge, using big data and the internet of things to improve service delivery.

“We are entering a new age of precision medicine that fundamentally challenges traditional medical care.”

Marisa Miraldo · Imperial College Business School

 

Marisa Miraldo, Associate Professor in Health Economics at Imperial College Business School, says these innovators could transform the way healthcare is delivered. “Big data analytics and information systems allow us to radically change the supply model. We are entering a new age of precision medicine that fundamentally challenges traditional medical care,” she explains.

“As genomics become more sophisticated, new opportunities open up in our ability to predict, prevent, and intervene. This revolution allows a greater understanding not only of who is at risk of developing diseases, but, above all, it opens the door for the development of innovations that can mitigate these risks and optimise health.”

James Barlow, Professor of Technology and Innovation at the school, agrees that healthtech companies are changing the game at a faster rate than the global pharmaceutical firms that dominated the investment landscape until a few years ago.

“This includes technology to support people with physical, cognitive or sensory impairment that affects their ability to perform common activities of daily living, including robotics, smart homes and devices to prevent falls. There is also technology to promote social connectedness using innovative communication platforms, and telehealth and care to help monitor elderly people,” Barlow says.

Gaining traction

Many potentially lifesaving and life-changing innovations are yet to hit the mainstream, and new businesses need money to reach relevant audiences. There is a huge opportunity for investors to back the legion of small businesses and researchers who will provide the next generation of solutions.

Telehealth is one area where new companies are gaining traction. As the availability of hospital beds declines, products and services permitting treatment at home are in demand. Under-pressure GP surgeries also crave breathing space.

Today, patients can see a doctor or consultant via a smartphone without leaving their beds. Doctors can make simple diagnoses and write prescriptions based on observation and available medical records, and health professionals can also make sure patients are taking medicines via video calls. This technology is taking some of the strain off the NHS and empowering people to access treatments and advice on their own terms.

“As the availability of hospital beds declines, products and services permitting treatment at home are in demand.”

Lukasz Rzeczkowski is co-founder of Trustedoctor.com, a service that gives people access to cancer specialists around the world. “We connect cancer patients and their families to the world’s leading specialists to provide an independent second opinion or advice on treatment options,” he says. “Patients create a digital profile and upload documents, medical files and scans to a secure cloud drive and then request a consultation from their preferred doctor, sending them a secure link.
“The doctor can open the link and see in one place all the relevant information to help them decide whether to accept the consultation, or refer the patient onto another specialist. Consultants set a fee for this consultation – although some choose to do it free of charge.”
It’s just one example among thousands in which technology is making treatment more accessible, effective and efficient. Growing businesses are driving change. For their part, investors can help solve one of the 21st century’s biggest conundrums and reap the financial rewards if they back the best.

Asset class Description Q4 performance: Sep – Dec 2016
Macro Views
Equities Buy UK stocks
2.19

Buy European stocks
9.17

Buy US stocks
5.01

Fixed income Sell UK government debt
2.31

Sell European government debt
3.03

Sell US treasuries
3.00

Sell GBP
1.41

Currencies Sell GBP
4.48

Sell EUR
7.41

Investemnt Ideas
Equities Implement developed market smart beta strategies
2.00

Buy MIB / Sell IBEX
4.20

Buy emerging markets
-6.84

Fixed income Buy US curve steepener
2.48

Long German / Short Italian debt
0.92

Buy selected short–dated hybrids and non-rated/high yield bonds
3.00

Commodities Buy crude oil
11.36

Buy copper/Sell gold
13.18

Currencies Leverage EUR volatility
18.67

Buy Mexican peso vs USD
-4.20

Sell Japanese yen vs USD
13.52

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About us

Founded as a London-based wealth boutique in 2013, today we’re a diversified financial services firm with an international presence and our own bespoke technology platform.

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