Markets

According to Moody’s, total assets in passive funds in the US will overtake those in actively managed funds in 2021. In light of this...

A lot of attention in the media recently has been devoted to the inversion of the yield curve in the US in late March. There is one main...

2018 was looking all fine and dandy up until the beginning of October. Equity markets, though having been driven by a small number of...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Last year we...

June saw equity markets around the world give back some of the gains made in April and May. The trigger for these falls appeared to be...

My framework for tactical asset allocation is based on business cycle analysis and the documented findings that asset classes tend to...

I was alerted by an article in the Evening Standard to an interesting research paper entitled Do Stocks Outperform Treasury Bills? The...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Much has been...

For such a simple word, risk is quite hard to define. It is generally agreed that it pertains to danger of some sort, but that is where...

Income continues to be the principal concern for many investors in the UK - both in the run-up to and throughout retirement. Reinvested...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. 2018 was looking...

In June, we moved to a zero weight in US equities across all our funds. This is obviously a very high conviction position given that the...

The month of May saw equities on the whole continuing to recover from their February and March declines as economic data remained broadly...

This is my fourth and final piece on value investing. Next year’s four will be on the topic of behavioural investing. In light of Richard...

My framework for thinking about asset allocation and thus portfolio protection is based around business cycle analysis. It is well...

I must warn readers upfront that we at Seneca are value investors, and are thus naturally sceptical about growth investing in its...

The last two equity bear markets - in 2001/2 and 2008/9 - saw rolling three year returns from global equities at their trough hit -45 and...

The term “gold bug” has been popularised in recent decades as a reference to ardent fans of gold investment. The almost imperceptible...

October was clearly a bad month for equity markets around the world, with the MSCI AC World index falling 6.9% in local currency terms....

Equity markets were generally strong in July, as investors appeared to shrug off fears of a global trade war. US and Eurozone equities...

As the current global business cycle matures, I thought it might be an opportune moment to revisit one of the basic but counterintuitive...

In his 1992 Chairman’s Letter, Warren Buffett wrote that the investment approaches ‘value’ and ‘growth’ are “joined at the hip”. In many...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. The whole point...

I know I bang on about this, but value investing is about so much more than buying low price-to-earnings or low price-to-book stocks....