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From a macroeconomic perspective:
• The US: Bumper growth
The US economy delivered bumper growth in Q2, with the quarterly figure revised upwards to 3.1 per cent q/q. However, with the impact from Hurricanes Harvey and Irma still to play out, we do expect some negative impact in Q3 figures.
• The UK: More of the same
The UK economy has provided ‘more-of-the-same’ in recent months, with the economy continuing to expand, albeit at a subdued pace. With employment levels at record-highs and signs that industrial production may rise from here, there are reasons for cheer. However, recent construction surveys and the debacle over Theresa May’s future as PM add a touch of gloom to the UK’s outlook
• The Eurozone: Strong momentum
European macroeconomic data remains upbeat, bolstering our positive view on the region. Despite some weakness in the retail sector, underlying growth momentum looks strong. The sticking point continues to be inflation, which has consistently disappointed. It remains to be seen how this will impact the ECB’s next moves with respect to monetary policy normalisation.
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