The main article explores the issue of return compression between equities and credit. Equity returns have in general been higher than credit returns year to date, but for many investors the gap has not been particularly significant: much depends on which equities were actually held. We retain a bias towards credit in multi-asset portfolios. We also give a summary of our core market views across asset classes which can be found here.
Technology, Institutions and Investment: Lessons from Nobel Laureates The dominant theme in markets this year has been the transformative potential of technology. From cloud infrastructure...
The special feature this month is on US exceptionalism, and the extended period of outperformance of US equities since the 2008 crisis. This has persisted...
The main article examines whether UK retail investors may be distorting the gilt market. Gilts are not subject to capital gains tax for individual investors....