Tag Archives: UK

Sizing Up U.S. Equities In Managing Brexit Risk

One of the main recent headlines has been the strength of the UK pound from the proposed Brexit transition.  This brings into question how investors in the UK and Europe may possibly position themselves in the U.S. equity market. Notice in the past five days, the USD to GBP started from a high of 1.305 Read more […]

In the “Year of Surprises,” UK Bond Markets Manage Their Way

UK bond markets managed to perform well, with significant YTD returns during a year filled with public vote surprises, as well as both rate decreases and hikes globally.  The S&P U.K. Investment Grade Corporate Bond Index had a YTD return of 10.75% as of Dec. 21, 2016, while the S&P U.K. Gilt Bond Index gained Read more […]

Navigating Brexit

Despite some warnings from volatility gauges, the market had “priced in” a vote for remain from the UK’s population.  This has made for some dramatic headlines, and large movements since the vote to leave the EU was announced.  As the market scrambled to make sense of the political chaos, three key themes have emerged from the Read more […]

Divining Brexit

The markets’ view of the pending British referendum on EU membership displays the hallmarks of a low probability, high impact event.  Correlations, and volatility expectations, are the key indicators. When macroeconomic risk is dominant, as a select few narratives come to preoccupy investors, correlations increase.  For example, in August and September 2015, markets worldwide were roiled Read more […]

Does active management work in Europe?

Academic arguments may well have “proven” the theoretical advantages of passive investing.  But theory is nothing without experiment; a comprehensive and impartial assessment of where and when active managers have delivered the promised “alpha” – or not – is a necessary and critical component of the debate. Our S&P Index Versus Active scorecard and associated Read more […]