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.

October 2018 Investment Update

Georgios Mouskoundi, Head of Advisory, introduces our investment update for September. The document contains an overview of our views on the various asset classes, as well as a range of high conviction investment ideas in equities and fixed income.

Brexit, blockchain and banking

What would it take to make London the digital capital of the world? Dolfin CEO Denis Nagy joined the line-up of speakers at Binary District’s most recent London event to consider whether blockchain is the answer.

Dolfin awarded custody and depositary licence in Malta

Ramon Bondin, recently appointed CEO of Malta-based Dolfin Asset Services, announces our new custody and depositary licence on the island and how it will benefit our clients.

Q4 2017 investment outlook

Our latest investment outlook is now available. It contains macro analysis by region and asset class, actionable investment ideas, and a scorecard showing how well the suggestions presented in our previous outlook have performed since. Our CIO, Vassilis Papaioannou introduces it.

Download Report pdf, 8 MB
13 November 2017 / Quarterly outlooks
Author

The third quarter was fruitful both for risky assets and carry collection. Despite the fluctuation in core rates during the quarter, the summer lull proved beneficial for investment grade and high yield bondholders.

On the equity side, emerging markets led the outperformance race with almost double-digit returns, followed by US and Eurozone markets. In the commodities world, crude oil and industrial metals delivered the best result within a weakening US dollar environment. The nine-month-long downtrend in the greenback offered emerging markets and commodities the opportunity to shine.

We expect inflation to pick up in the US on the back of weakening currency.

The highlight of last quarter – and most probably a theme that will keep investors on their toes – is the renewed hawkish rhetoric and rates normalisation. The recent actions, and intentions, by major central banks have left bond investors questioning the asymmetric risk return payoff of their portfolios. However, benign inflation continues to provide some comfort for those ‘sleepwalking into the benchmark trap’. Going forward, we expect inflation to pick up in the US on the back of weakening currency with significant implications for the US curve and global core rates. Although it is premature to push the panic button, we might be a couple of quarters away from the turning point.

Despite North Korea being the latest Sword of Damocles for financial markets, we retain a positive view on equities for the final quarter. From a regional perspective, we have a preference for Europe, US and Japan.

Global consumer spending should return to strength, feed into equities and higher valuations.

Earnings growth has proven to be the catalyst for the latest solid performance and since we expect global consumer spending to return to strength, this should feed through into equities and higher valuations.

China’s relevance for commodities, global growth, and the whole Asian region is important.

Finally, I would mention the increasing role of China in the global arena, both economically but also, increasingly, politically. The strategic plan by the Chinese leadership and the transition from a domestic debt-based growth engine into an open markets global player proves to be of outmost importance. China’s relevance for commodities, global growth, and the whole Asian region becomes more important as it promotes an innovation agenda and takes steps to strengthen domestic consumption. The emergence of China as a global power is not a new theme, but the diminishing influence of the US make this more relevant than ever.

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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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