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.

March 2019 investment update

Markets have rallied despite what appears to be the largest economic deceleration in recent years. How long will markets ignore the fact that corporate revenue, earnings and margin forecasts are deteriorating? It seems as if risk markets once again see bad news as good news, writes Dolfin’s Head of Investment Management, Richard Gray.

The future of wealth management is bionic

Wealth managers have long seen robo-advice and human expertise as distinct alternatives. But, argues Dolfin CEO Denis Nagy, firms can offer the two in tandem – and they must, if they are to avoid being left behind.

Dolfin COO named in PAM Top 40 Under 40

Amir Nabi has been recognised in this year’s prestigious list of industry high-achievers published by PAM Insight.

August 2018 investment update

Vassilis Papaioannou, CIO, introduces our investment update for August. The document contains an overview of our views on the various asset classes, macroeconomic analysis for the US, UK and the euro area, as well as a range of high conviction investment ideas in equities and fixed income.

Download Report pdf, 732 KB
7 August 2018 / Monthly investment updates
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Markets have faced a mixed picture over the course of July as US economic strength (and solid corporate earnings) have juxtaposed ongoing trade-war fears and weakening sentiment in the technology sector, driven by Facebook’s recent sell-off.

US manufacturing sentiment remains strong and we note signs of
stabilisation in Europe and the UK. On a global basis, the labour market remains robust and this is contributing to global growth. With another good earnings season in the US (with most of companies beating expectations), we maintain comfortable as equity investors and buy-the-dips in the asset class.

With regards to recent volatility in the technology sector, we remain constructive but shift our focus to a new acronym ‘MAGA’ (Microsoft, Apple, Google, Amazon) and away from ‘FANG’. ‘MAGA’ stocks have each delivered strong results, beating expectations (with Apple breaking the $1 trillion market-cap mark) providing evidence that the technology theme is intact.

Despite political or market volatility, we remain committed to our baseline scenario for a moderation in global growth (albeit at healthy levels) and higher inflation in the long term. We see the US economy remaining strong, continuation of the recent economic pickup in the UK, and stronger growth rate for Europe towards the end of the summer.

Turning to asset class views, we remain neutral on rates with a negative bias. Normalisation of monetary policy will continue, led by the hawkish US Federal Reserve, and followed by a cautious Bank of England. Both the European Central Bank and the Bank of Japan remain committed to loosen monetary policy, despite good economic performance. In the credit space, ‘carry collection’ remains the key theme and we prefer high yield globally over investment grade. US investment grade offers some opportunities given the recent underperformance since the beginning of the year.

For equities, we expect modest gains, after a strong July performance, in line with positive corporate results. Above expectations US earnings, good EU activity and macroeconomic revival in the UK are pillars for our positive view. On a sector level we continue to see value in the consumer sector followed by technology and energy.

Finally, political noise and implications from trade wars or emerging market-driven volatility remain sources of concerns. We prefer to look though this noise and focus on regions, sectors, and companies with a positive outlook and some income characteristics. Carry collection during the summer months where trading activity is low helps investors generate income and weather any volatility bursts.

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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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