Investment accounts

Authorised and regulated by the UK’s FCA to provide investment accounts, we are bound by CASS rules to segregate and protect client assets.

October 2019 investment update

One of the most common questions asked in client meetings is ‘What makes Dolfin different’? Clients often feel that they want their investment manager to stand out from the crowd and to be delivering something ‘better’ than their peers.  Read more in our October monthly investment update, now available to download and view online.

Cybercrime: Threat and opportunity

With cyber criminals constantly on the lookout for new ways to attack companies’ resources and compromise their data, there are numerous start-ups entering the cyber security space. At the same time, an estimated skills shortage of some 3 million people has left organisations struggling to recruit and retain skilled professionals. We look at what is being done in companies to ensure that the industry keeps pace with cyber criminals, and investment opportunities in the space.

Dolfin shortlisted twice in the International Investment Awards 2019

Simon Black, our Head of Investment Management, has been shortlisted in the ‘Emerging Talent of the Year’ category and Dolfin as a firm for ‘Excellence in Client Service’, in the annual International Investment Awards. Voting is now open.

July 2018 investment update

Vassilis Papaioannou, CIO, introduces our investment update for July. 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, 1 MB
9 July 2018 / Monthly investment updates
Author

De-synchronisation of global growth, the impact of tariffs on corporate earnings and the US mid-term elections will likely dominate investors’ perceptions in the next few months.

Six months into the year, investors are still struggling to find returns in equity and credit markets and we continue to hold a cautious outlook across asset classes, albeit with a moderately positive bias towards equities and a negative bias for global rates.

What can we expect from the ongoing trade war saga and how will it affect global growth?

The current ‘tit-for-tat’ trade war is leading parties involved (and by-proxy, the global economy) into a‘lose-lose’ outcome. In the short-term, protectionism will result in economic de-synchronisation, but ultimately higher inflation will take its toll on consumers and global growth. President Trump is standing by his election promises and keeping his protectionist rhetoric intact, but at the same time his team must balance the pros and cons of such a strategy as the decisive US mid-term elections approach. Harley Davidson is the first casualty on the US side; other companies will likely follow – especially in Republican states where political pressure on Trump may well escalate. Providing some hope of a sensible solution, on 1 July, China introduced tariff cuts on consumer goods and automobiles – more than a thousand taxable consumer goods were reduced from an average rate of 15.7 per cent to 6.9 per cent, while tariffs on cars and auto parts were reduced to 15 and 6 per cent respectively.

In this context of heightened political noise, we maintain a pragmatic approach. Our baseline scenario is for a moderation of global growth and higher inflation in the long term, but we are comforted by tight labour markets and healthy consumer spending around the world. We expect a pickup in economic activity in Europe and the UK, although we acknowledge the superior macroeconomic position of the US.

Turning to asset class views, we are neutral on rates with a negative bias. Normalisation of monetary policy will continue, led by the hawkish Fed, but moderation in global growth will leave rates in a sideways formation.

In the credit space, carry collection remains the only game in town and we see limited upside in both investment grade and high yield segments given current spreads. We continue to favour issuers with strong fundamentals.

For equities, we expect modest gains for the coming quarter, contingent on positive earnings from the corporate world. Robust economic activity and divergence from the rest of the G7 group makes the US our preferred region. However, flat returns year-to-date make Europe and UK attractive destinations too. On a sector level we see value in the consumer sector followed by technology and energy.

In conclusion, the summer lull will be stirred by strong doses of political ambivalence and corporate (as well as macroeconomic) realism. As always, investors should look though the noise especially in a bull market that stretching its limits and a world economy that is trying to re-synchronise.

Enjoy the read.

Investment accounts

Dolfin’s investment accounts safeguard securities and cash, while ensuring you or your clients can take full advantage of multi-asset, multi-currency, and multi-strategy investments.

Learn more

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.

Learn more