Market Commentary

Philip Rose

1 September 2020

Concerns over valuations and disappointing economic data were
overlooked as ‘FOMO’ gripped markets – it is becoming challenging to buy certain stocks as stretched technicals and narrowing market breadth point to another period of complacency.

Market Commentary

Philip Rose

1 August 2020

July has seen a continuation of the recovery in equity markets. The US equity market increased +5.64% in July and Europe declined -0.87%. Our global equity strategy again produced attractive returns, appreciating +5.52% during the month. The key to successful investing in 2020 has been avoiding those companies impacted by the current economic turmoil caused by Covid-19.

Market Commentary

Philip Rose

27 March 2020

This week’s commentary will focus on Bonds, Bond yields, the drivers for bond pricing and the impact of COVID-19 on
this market.

Market Commentary

Philip Rose

13 March 2020

2019 was a surprisingly strong year for both equity and bond investors and a measure of complacency entered markets. This was evidenced between October 2019 and February 2020 when equity market volatility declined despite global equity markets rising by ~13.5% to new all-time highs.

Market Commentary

Philip Rose

1 May 2020

March was characterised by the shock and fear of the fast-spreading Coronavirus outbreak as represented by sharp selling across asset classes. April has been characterised by resilience in the face of facts confirming the devastating effect this viral
outbreak is having on the global economy.

Market Commentary

Philip Rose

17 April 2020

We have now hit US earnings reporting season. Each quarter, US corporations report their prosperity and allow analysts to determine if they are on target to achieve annual expectations. The reason why quarterly earnings are so important is that they have a very high directional correlation with the general stock market.​​​​​​​

Market Commentary

Philip Rose

1 July 2020

The unpredictable nature of markets constantly surprises. There can have been few commentators at the end of the first quarter that would have predicted the revival we have witnessed between March and June 2020. ​​​​​​​

Market Commentary

Philip Rose

1 June 2020

Based on evidence embraced by us early in the year, COVID-19 was presumed to be an uncontrollably infectious disease, likely to spread around the globe bringing human endeavour to its
knees with a very high mortality rate.

Market Commentary

Philip Rose

3 April  2020

I will focus this week’s commentary on some of the observations and lessons I have learned from over the years either directly or by watching other portfolio managers responses to circumstances as they arrive.​​​​​​​

Quarterly Review

Philip Rose

9 April 2020

The first quarter of 2020 started strongly. By 20th February the S&P500 had risen 5.0% and market volatility was extremely low.​​​​​​​ Complacency was creeping into investors thought processes and the markets were coming off an unexpectedly strong 2019.