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1 week ago | 
citywire.com | David Stevenson
I realise that investors hate uncertainty, but sometimes that uncertainty and its accompanying volatility destroys the mask of complacent consensus views. It reveals profound changes that need to be acknowledged at a portfolio level. We’ve all got our opinions about US president Donald Trump, but one favour he’s done us all is to rip away a consensus around globalisation, and (tech-inspired) American exceptionalism. A whole series of market shibboleths are falling around us.
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3 weeks ago | 
citywire.com | David Stevenson
I don’t want to scare the horses, but this week I thought I might strike a positive tone; there is one part of the investment trust spectrum that is ideally positioned for what might be coming next in our very uncertain macro environment. I’m talking about the London market’s extensive collection of debt and lending funds.
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4 weeks ago | 
citywire.com | Eva Thomas |David Stevenson |Ashley McConnell
Earlier this week, I caught up with my broker, who seemed remarkably chipper. He pointed out that it was at moments like this ‘when your real worth as an adviser comes into its own.’ That said, looking in from the outside, it seems to me also a thankless task as brokers and advisers try to explain what seems a tad unexplainable at times.
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1 month ago | 
citywire.com | David Stevenson |Jeremy Gordon |Michelle McGagh
Those were an interesting few days after the much-trumpeted ‘liberation day’, weren’t they? I expect more crazy volatility over the next few weeks, but what do I know?
I’m sure you’ve all had your fill of Trump-related news, so I’ll concentrate on the implications of the past 10 days for the investment trust sector.
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1 month ago | 
citywire.com | Michelle McGagh |Jeremy Gordon |David Stevenson
The FTSE 100 dropped nearly 4% on Friday as investors continued to sell equities in response to Donald Trump’s tariffs.
Continuing the trend from yesterday, the FTSE 100 was down 3.9% at 8,114 points shortly after 12.15pm. The pan-European Stoxx 600 fell further at 4.7%.
Earlier falls for Asian indices, with Japan’s Topix down a further 3.4%, came after Thursday proved to be Wall Street’s worst single day of performance since 2020 on many measures. Already have an account?
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1 month ago | 
citywire.com | Michelle McGagh |Himanshu Singh |David Stevenson
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1 month ago | 
citywire.com | Michelle McGagh |Natalia Vasnier |David Stevenson
It is the end of an era at Impax Asset Management as one of its first employees announces plans to retire.
Bruce Jenkyn-Jones (pictured above), who has managed the firm’s pioneering £779m Impax Environmental Markets (IEM) investment trust since its launch in 2002, is set to retire in July next year.
The trust will remain in the hands of Jon Forster, who has worked on the portfolio since 2004, and co-manager Fotis Chatzimichalakis, who has worked on the strategy for eight years.
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1 month ago | 
citywire.com | David Stevenson |Michelle McGagh
Primary Health Properties (PHP) has ramped up the bidding war for Assura (AGR), putting in a fresh £1.5bn offer to try and prevent the healthcare property fund from being taken private
PHP has made a second offer for Assura’s portfolio of 600 healthcare buildings, including GP surgeries, pharmacies and treatment facilities. This would see shareholders receive 0.3848 new PHP shares and 9.08p in cash for each Assura share they hold.
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1 month ago | 
citywire.com | David Stevenson |Michelle McGagh
By the time this is published, it’s probable that the confirmation of US tariff plans will be causing yet more turmoil in markets. Rather than hanging onto every scrap of analysis – and indeed every Trump tirade – it might be worth taking a different approach and considering the long-term fundamentals of investing, courtesy of a group of British financial academics.
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1 month ago | 
citywire.com | William Johnson |Tania Mitra |David Stevenson |James King
JP Morgan has launched its 66th ETF in the US, the JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ).
HEQQ’s management team is led by JEPI PM Hamilton Reiner, alongside Eric Moreau, Matthew Bensen and Judy Jansen. Its expense ratio is 50 basis points.
HEQQ is a sister fund to the $2.8bn JPMorgan Hedged Equity Laddered Overlay ETF (HELO). Both funds provide laddered exposure by holding options for multiple hedge periods; HELO capturing the S&P 500 and HEQQ the Nasdaq 100 index.
