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Performance review: SGPB Hambros’ Haynes recycles US profit into Europe
by Elsa Buchanan on Apr 15, 2014 at 09:41
The team has added 6% to its alternatives, moving overweight. They favour liquid Ucits long/short funds over traditional hedge funds, for the former’s ‘pricing structures, performance and liquidity’. Here they hold the Lxyor Absolute Return Mixed Assets fund, a daily trading fund with a volatility cap.
Haynes warned investors could feel the pinch, as he anticipates balanced portfolios will return ‘between 6% and 8%’.
Over the last 12 months, the model is up 13.59%, outperforming its composite benchmark, which rose 10.61%. Over three years, the portfolio posted 18.3%, compared to the benchmark’s 17.89%.
BUY: Italian Equities (Lyxor ETF FTSE MIB)
The new government is focusing on structural reforms necessary to transform the Italian economy. Q4 qoq GDP was in positive territory for the first time since 2011 and the market remains well below pre-crisis levels.
HOLD: US Equities (Legg Mason US Aggressive Growth)
Despite the soft economic data releases at the beginning of Q1, policy remains accommodative which should allow the reasonable growth trend to continue allowing corporate earnings to grow justifying current market valuations.
We remain negative on gold given the global economic outlook for average growth rates, relatively subdued inflation and future rising interest rates.
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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by James Phillipps on Jul 25, 2014 at 14:49