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Investment Review

Summary

During the one-month period to 31stOctober 2022, major equity markets, as measured by the
aggregate FTSE All – World Index, rose moderately, reducing the year-to-date loss to 22%, in $
terms. Chinese equities, however, bucked this upward trend, falling over17% and taking the broad
emerging market indices with them. The VIX index fell, finishing the period at a level of 26.
Government Fixed Interest stocks mostly rose over the month, although the US 10 year yield rose
against the trend. The UK 10-year gilt ended the month on a yield of 3.51% (4.13% one month ago)
with corresponding yields of 4.03%, 2.14% and 0.25% in USA, Germany, and Japan respectively.
Speculative and lower quality bonds also mostly rose in price terms. Currency moves featured a
stronger pound and weaker Chinese Yuan. Commodities were mixed

News

Over the recent month, the IMF reduced its world economic growth forecasts again to 3.2% this year
and 2.7% in 2023, while raising inflation estimates.
The World Bank has speculated on the” possibility” of a global recession in 2023, with various
scenarios depending on the Central Bank’s determination at tackling inflation
US
Recent US Federal Reserve meetings and informal comments by Jerome Powell and other Fed
governors remain hawkish and several interest rate increases are expected over coming months.
At the September 21st meeting the Fed raised the benchmark rate by 75 bp, for the third time in a
row and signalled its intention to keep policy tight. A rate increase of 75bp is expected this week
Downward projections to economic growth, and upward moves to inflation forecasts were also
released.
Recently announced inflation indicators showed September headline CPI of 8.2%, higher than
estimates, while the core inflation rate rose by 6.6% led by services. First quarter negative GDP
growth followed by second quarter of -0.9% signals a “technical recession”, although
labour/employment trends still seem reasonably robust. Third quarter preliminary GDP growth of
2.6%, annualised, while higher than estimates concealed a weaker consumer component offset by a
strong trade balance. Recent consumer sentiment indicators (October flash composite PMI for
example), retail sales, housing activity, construction figures and the Empire States Survey back this
up, showing declining trends into September/October. Independent economic forecasts are now
expecting very low GDP growth for full year 2022 with the unemployment level rising to about 4.4%.
The Fed’s own forecasts expect GDP growth of 0.2% and 1.2%, and core PCE growth of 4.5% and
3.1% respectively for 2022 and 2023

Most recent polling shows that the Republicans hold an edge over the Democrats just over a week
before midterm elections that will decide control of the US legislative branch, with voters focussed
on high inflation and the risk of recession.

EUROPE

The European Central Bank raised interest rates by half a percentage point on July 22nd, and a
further 75bp in September also pledging to support surging borrowing costs from sparking a
eurozone debt crisis. The ECB raised interest rates by another 75bp, to their highest level since 2009,
on 27th October, pledging to continue increasing borrowing costs in the coming months to tackle
record inflation, despite a looming recession.
Co-ordinated moves to help mitigate the gas crisis, including windfall taxes and energy pricing
reforms are also being urgently discussed. First quarter 2022 GDP for the Eurozone showed a weaker
than expected trend especially in Sweden, Italy and Germany and more recent indicators show a
continuation of this trend, exacerbated by the Russia/Ukraine conflict, supply chain issues, and
rapidly increasing costs. The “flash” PMI figure for October, released on the24th October, fell to 47.1
the lowest since November 2020.A technical recession seems inevitable.
Current ECB staff projections foresee economic growth of 2.8% for 2022, a sharp reduction on the
previous forecast, and further downgrades could be likely in the wake of the ongoing Ukrainian
conflict and related gas shortages.
Octoberr Eurozone inflation, just released, of 10.70% was higher than expected. Political events
have included the election in Italy of Giorgia Meloni to the position of prime minister and head of a
three-party right-wing alliance(below). Strikes are growing in number and intensity across the
Continent. The gas shortage issue is exposing rifts in trying to formulate a common European policy.

ASIA excl JAPAN

Unlike other major economic zones there have been no major economic downgrades within this region, (maybe a lagged effect) but there are a wide range of possible outcomes depending on commodity exposure, tourism, debt, Chinese linkages, US dollar effects, etc. Recent FT analysis shows that in four of the six biggest countries in ASEAN (Vietnam, Malaysia, Indonesia and Philippines), GDP is rising faster than inflation in contrast to the majority of the G10 countries. A sharp bounce back from the pandemic (Philippines), commodity exposure (Indonesian palm oil and coal), (Malaysian palm oil and rubber), and Thai (rubber) and shifting supply chains away from China (Apple iPads from Vietnam) are all factors behind the region’s resilience. The World Bank estimates that the Pacific ex China area could grow at 5.3% in 2022, higher than China,where GDP growth of nearer 3% seems likely for the current period.

CHINA

Chinese economic data over past months has cast strong doubts on the 5.5% official growth target for 2022, with some investment banks now forecasting below 3%. Official data shows weakening trends in consumer spending, fixed asset investment and construction activity while more recent “live” tracking data e.g., mobility, cement production and electricity use also showed subdued economic activity. Official data for the third quarter, just released shows growth of 3.9%. The American Chamber of Commerce in Shanghai found that around a fifth of the 307 companies it surveyed were pulling back on investment as a result of the coronavirus measures.
Among the key takeaways from the 20th National Congress, just finished, were Xi’s plans to step up industrial policy with more fiscal support and subsidies, to achieve self-sufficiency, and the concentration of the state’s role in the economy. As expected Xi’s term, was extended by a further five years and in a big member shakout, loyal supporters were promoted to leading positions in all

major institutions. At the time of writing, rumours are emerging with reference to”setting up a committee to look at the possibility of reducing the strict ant-covid measures”…but early days!

JAPAN

After fourth quarter GDP 2021 growth of 5.4% annualised, led by more buoyant consumer spending and a tentative manufacturing recovery, the first quarter 2022 figure showed a decline of 1.0% annualised, somewhat higher than some estimates, then followed by 2.2% in Q2 2022, largely consumer driven. Estimates for the full year seem to fall mainly within the 1.5%-2.0% band. Inflation, while still well below international peers, rose by 3.0% in September, led by fuel and food and the weakening Yen. Fiscal policy remains loose, and the BOJ recently reaffirmed its yield control policy, while keeping key interest rates at -0.1%. However recent verbal and actual intervention (see below-one day trading) suggest that Yen weakness (on relative interest and divergent policy grounds), is no longer a one-way bet!
Late last week the Japanese government unveiled a $197 billion stimulus package to ease the impact on consumers of soaring commodity prices and a falling yen, while the BoJ stuck by its ultra-loose policy

UNITED KINGDOM

Within the UK, live activity data (e.g October Gfk data) continues to show a weaker overall trend, especially within the services sector. According to this survey, released late October, covering the period October3rd-13th consumer confidence remains very low, amid the cost-of-living crisis.The flash composite output index,a measure of activity in the private sector also dropped to a 21 month low in October. Other lagging “official final “data has also been uninspiring with August GDP registering a decline and September retail sales falling1.5%, especially big-ticket items. Sales volumes are approximately 10% below pre-pandemic levels. Unemployment, however, is still at a very low level, although recent official figures did show a tentative slowing in hiring intentions.

Inflation continues to rise, the September CPI and RPI readings (triple lock?) registering hikes of 10.1% and 12.6% respectively. Kantar recently released some figures showing 13.9% YoY food inflation in September
The PSBR was starting to deteriorate again, largely as a results of rapidly rising interest (index linked) payments and expectations of higher public sector pay and state pensions. The most recent “official” figure showed September PSNB at £20 billion, much larger than forecast and the second largest since monthly records began in 1993, according to the ONS.
The current account deficit for Q1 was the worst on record at 8.3% of GDP, another worrying sign. It will be interesting to see if sterling weakness since then has changed the aggregate figures.

Despite some relief with the recent energy price package, until April at least, (but not other utilities-see below) and budget related tax/NI cuts, shop price inflation, merchandise availability, upward interest/mortgage rate pressure, stalling house prices, accelerating rents, insolvencies/evictions, pension triple-lock suspension (22/23), legacy Brexit issues, strike activity, covid revival will continue to be headwinds and the outlook for economic growth over coming quarters is highly uncertain. Statistically, the UK could already be approaching a technical recession.
Experts at consultancy EY-Parthenon reported that company profit warnings had jumped from 51 to over 86 over the third quarter of 2022 citing increasing costs and overheads as the main reason, especially in consumer facing businesses. Another report from Begbies Traynor, Latest Red Flag Alert Report for Q3 2022 – 07:00:07 19 Oct 2022 – BEG News article | London Stock Exchange quoted that over 600,000 business were already in severe financial distress. Anecdotal evidence from reporting quoted companies (e.g Royal Mail, Saga, Boohoo, Next and Character Group) at the interim stage show a very mixed trend.
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Monetary policy has tightened from a 0.1% interest rate in December last year to the 1.25% rate set in June and a further 50bp at the August, meeting, followed by 50bp in September, taking the benchmark rate to 2.25%. Markets were expecting rates to be above 3.5% by mid-2023, but following recent events and international pressure, the feeling is that the Bank of England will need to be more aggressive and figures of 5.0% for both shorter term rates and the 10-year Government bond yield are not totally unrealistic.

At the time of writing Rishi Sunak and Jeremy Hunt are exploring tax increases and public spending cuts worth up to £50 billion a year and the Treasury Autumn Statement is currently scheduled for November 17th.The likely mixture of tax rises and spending cuts has been eased slightly by the very recent move in the gilts market, but “eye-wateringly difficult “decisions still have to be made in the words of the Prime Minister.

Monthly Review of Markets
Equities

Global Equities rose strongly over October (+5.5%) following the large September declines, reducing the year to date decline to 22.0% in dollar terms. The one major exception to this advance was China where equities fell over 17%, dragging the aggregate emerging market index down 2.4% as well. Continental European indices and American equities (excl technology) showed the largest monthly advances The VIX index fell over the month to an end October at a level of 26. The nine- month gain of 54% reflects the degree of risk aversion compared with the” relative calm” of last December (medical, geo-political and economic!).

UK Sectors

Sector moves were very mixed over the month although most ended in positive territory. The few losers included mining (underlying commodity prices), property (interest rates) and banking (bad debts and rumours of windfall taxes). On the other hand, oil and gas, travel, tobacco and industrial shares showed gains over 5%. The FTSE100 marginally underperformed the FTSE 100 outperform on the month but is still about 4% ahead of the broader index since the beginning of the year. By IA sectors, UK active unit trusts are underperforming benchmark indices, trackers etc, so far this year, with small company funds even more so. Income based funds, by contrast, are outperforming the averages. “Balanced” funds, by IA definitions, are falling by about 12% so far this year (Source: Trustnet October 29th).

Fixed Interest

Major global government bonds showed mixed trends throughout October, the UK 10-year yield for instance finishing the month at a yield of 3.51%. Other ten-year government bond prices showed closing month ten-year yields4.03%,2.14%,0.25% US, German and Japanese debt respectively. Of note was the bounce in UK gilts, following the mini-Budget volatility, while corporate bonds also bounced strongly, up approximately 5% on the month in price terms
Year to date, the composite gilt index has fallen approximately 24% marginally underperforming UK higher quality corporate bonds in price terms and more so in total return.
Check my recommendations in preference shares, selected corporate bonds, fixed interest ETF’s, zero-coupons, speculative high yield etc. A list of my top ideas from over 10 different asset classes is also available to subscribers.

Foreign Exchange

Currency moves featured a rebound in the pound following Government changes and scrapping most of the mini-Budget. Sterling climbed 3.1% and 5.9% against the US dollar and Japanese Yen respectively. Currency developments during October also included weakness in the Chinese Yuan following weaker than expected economic data.

Commodities

A mixed performance by commodities during October with weakness in Natural Gas and Palladium and strong gains in oil, and platinum. Iron ore remained volatile, largely on Chinese news. Year to date, uranium and the energy complex are strongly up in price terms while industrial metals copper, aluminium and iron have all shown price declines of over 20%. Gold has also dropped nearly 9% in dollar terms. At this this time of writing Turkey, Ukraine and the UN are trying to broker a deal to allow resumption of grain shipments from Ukraine after the sudden Russian withdrawal. In the short term, more volatility is expected in the area of soft commodities

Looking Forward

Major central banks have remained hawkish with reducing QE and accelerating the timing and extents of rate increases as the main objectives, especially where inflation control is the sole mandate. In a growing number of smaller economies where US contagion, politics, commodity exposure inflation/fx are also issues, several official increase rate increases have already taken effect. Japan, however, has continued to adopt stimulative measures, up to now.
Global Government Bonds, except for Japan, weakened significantly in price terms over recent months. Absolute yield levels, however, still do not look excessive when inflation, government supply and quantitative tightening are considered.
For equities, the two medium term key questions will be when rising interest rates eventually cause equity derating/fund flow switches, government, corporate and household problems, and how the rate of corporate earnings growth develops after the initial snapback. Going forward, withdrawal of certain pandemic supports, uncertain consumer and corporate behaviour and cost pressures are likely to lead to great variations by sector and individual company. The start of the third quarter reporting season is already producing several negative surprises e.g large American technology companies
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Observations/Thoughts
ASSET ALLOCATION

As well as maintaining an overweight position in UK equities, it may be worth initiating or adding to Japanese positions within an international portfolio. The US market has fallen about 19% so far this year (NASDAQ -30%) but remains a relative underweight in my view. Margin pressure headwinds, political uncertainty and technology sector volatility must be balanced against the current stock market ratings. Continental European equities appear cheaply rated in aggregate, but great selectivity is required. Current Ukraine tensions have opened new opportunities within the emerging market space, but extreme caution warranted. Latin America and parts of Asia, for example, have enjoyed economic rebounds, revived tourism, some commodity exposure, and little negative Ukraine spill over and this has been reflected in some indices e.g Latin America.

Another major asset allocation decision would be to keep part of the conventional “fixed interest” portion in alternative income plays in the infrastructure, renewables, and specialist property areas. Many instruments in this area provide superior capital growth, income, and lower volatility than gilts for example. Recent stock market volatility has brought several renewable stocks back to attractive levels.
I am also adding selected preference shares to the “fixed interest” allocation, where annual yields of approximately 6% are currently available after the recent bounce in prices.

UK Equities continue to remain a relative overweight in my view, based on severalconventional investment metrics (see above), longer term underperformance since the Brexit vote, style preference (value overgrowth) and international resource exposure although be aware of the numerous domestic headwinds I have highlighted above.
Value should be favoured over growth, and the FTSE 100 favoured over the FT All-Share. Apart from the style drift, remember that the non sterling element of leading FTSE 100 companies and sectors is relatively high
By sector, Oil and Mining equities continue to benefit from above average yields, strong balance sheets, dollar exposure and secular demand e.g copper, cobalt for electronics, construction, electric vehicles etc.Any moves regarding Chinese re-opening the economy would be another positive for this sector

Remain overweight in pharmaceuticals and underweight in non-renewable utility stocks which may suffer from consumer and government pressures, and no longer trade on yield premia, especially against the backdrop of higher gilt yields.
Construction materials, especially cement will benefit from growing infrastructure/renewable initiatives.
Banks, may enjoy some relative strength from rising interest rates, but continue to monitor the recession/loan growth and default risks and windfall tax developments. These mixed trends were very evident in the recent third quarter figures. Preference Shares as well as ordinary shares have attractions in this area
Housebuilders and real estate-expect depressed activity and remember that the rising interest rates have not yet been fully factored into bricks and mortar property yields. Some property company corporate bonds however have shown some immediate weakness.

Retailers are in general suffering from a combination of falling sales and rising costs and clear trends in consumers “trading down” are apparent. Certain on-line operations e.g Asos additionally are suffering from an element of post-Covid comparison.
Domestic Breweries/pubs etc are having a hard time with stalling consumer’s expenditure, supermarket competition and rapidly rising costs.
Airlines may suffer as a result of large dollar costs, uncertain foreign travel outlook and often high debt levels
Extra due diligence at stock level more generally will be required as I expect a growing number of profit warnings and downbeat forward looking statements. See the EY and Begbies statements on page 7 above.

However, takeover activity is also clearly increasing with, for example, private equity snapping up UK-listed companies at the fastest pace for more than twenty years. Foreign takeover, stake building is also increasing, current weak sterling being a factor, with Vodafone under scrutiny by a French (who already have BT interest!) investor. Biffa (waste management),MicroFocus(technology),Aveva(software) and RPS(professional services) have all succumbed to foreign takeovers in recent months, much by “strong dollar” American or Canadian organizations.

Gilts

Gilts have seen significant rises in both yields and volatility over the last ten months, although well off the extremes seen around the time of the mini-Budget! Although it is still difficult to see value in conventional gilts now against the current inflation and debt/GDP ratios, and the supply expected over coming quarters, yield levels may start to look appealing to certain investors. Institutional asset/liability considerations may also encourage some equity to bond switching. Ten-year gilt yields of 3.51% do appear more attractive now against a current FTSE 100 yield of 3.89% than the 0.97% gilt yield at the beginning of the year! Be aware that the BoE is starting to wind down it’s gilt holdings as from November 1st.

JAPANESE EQUITIES

also remain an overweight in my view, although my recent comment re hedging may “nuanced “now following the extreme currency weakness and surprise intervention. Unlike most other major economies, Japan is expected to continue its easy money policy. Exporters have benefitted from the plunging Yen although higher input costs and more “off-shoring” also must be considered. The prospective price/book ratio of 1.10 is attracting interest of corporate and private equity buyers, while the prospective yield of 2.8% is above the world average and compares very favourably with USA (1.8%). Corporate governance is rapidly improving with diverse boards, reduction of cross holding, higher dividends etc. There are clear signs that inward investment attracted by the pro-growth, pro-deregulation agenda and relatively low costs (average Japanese annual wage $30000 compared with $75000 USA) is increasing. Private equity stake building interest in Toshiba and growing activity in the property sector (discount on a discount in a cheap currency) demonstrate the search for value in Japan. Investors may wish to adopt a partially rather than fully hedged FX position following recent developments
On a valuation basis (see table above) the forward PE multiple of 12.1 is at a considerable discount to the world, and especially US average (16.6)

EMERGING MARKETS

-Very difficult to adopt a “blanket” approach to the region even in “normal times”, but especially difficult now, with so many different COVID, commodity, sectoral mix, debt, geo-political and increasingly natural disaster variables. Interestingly the rush into Emerging Market assets, both bonds and equities, at the start of 2021 moderated through the year and into 2022 as many dramas have unfolded e. g South Africa, Turkey, Ukraine, Chinese regulation. This latter factor has special relevance to those using Emerging Market Benchmark Indices. The IMF recently warned that several emerging nations could disproportionately suffer from a combination of COVID and adverse reaction to “tapering” by developed counties e.g., FX/Interest rate pressures. Six countries have already defaulted during the pandemic, and the IMF is currently in various stages of bail-out discussions with Pakistan,Argentina,Zambia,Sri Lanka,Ghana,Tunisia and Egypt.
However, within the emerging space, I continue to have a relatively favourable longer term view on Asia, where relative COVID success, stable FX,inward investment, lower relative inflation and export mix help investor sentiment

Vietnam, for example, is supported by positive demographics, with a population of near 100 million, an emerging middle class, and a recipient of strong foreign direct investment. Qualconn,an Apple supplier, Intel(semi-conductors),Lego and Samsung(mobile phone plant) have all recently invested in new capacity in the country. Other big names moving chunks of production from China to Vietnam include Dell and HP(laptops),Google(phones)and Microsoft (Games Consoles) The economy is expected to grow at around 6.5% this year (7.7% Q2 2022) and current inflation is running at about 3.5%. On a relatively low prospective PE based on forecast earnings growth over 20%, Vietnamese equities appear good value. India, although quite highly rated and a major oil importer, warrants inclusion in a diversified portfolio, and is currently receiving some fund flows from “overweight” Chinese portfolios. Indonesia, the last of my current Asian ideas benefits from a commodity boom, strong domestic market, low debt, relatively stable currency, forecast 5% GDP growth and 5% inflation

Caution is required in many South American markets with poor COVID-19 situations, deteriorating fiscal balances and governments in a state of transition. However, some stock market valuations currently appear interesting in the region, which, so far, has been relatively unaffected by events in Ukraine. Commodity exposure, deglobalization beneficiary, valuation and recovery from a very low-level account for some year-to-date stock market relative out- performance. Many of these countries also raised interest rates at an earlier stage, allowing relative currency strength, compared with say the Euro,Yen or Sterling.At this time of writing Luiz Inacio Lula da Silva narrowly won the Brazilian election staging a dramatic comeback, although incumbent Bolsonaro might not easily concede defeat.
Certain areas within Central Europe are starting to receive more attention, mainly on valuation grounds, but the lingering Covid effects and indirect effects of the Russia/Ukraine invasion should be borne into account. Regarding the latter, a reduction/termination of Russian gas supply could have a serious recessionary impact in certain countries. Large refugee influxes e.g Poland are also starting to create budgetary/social issues.

Comments re great selectivity above also apply to emerging market debt. For the more adventurous fixed interest investor combinations of well above average yields (sometimes caused by pre-emptive moves last year), stable fiscal and FX situations and, diversified economic models could provide outperformance from carefully selected bonds.

COMMODITIES– Gold spiked to over $2000 in March, a recent high, when Russia invaded Ukraine, but has since fallen about 18%., although of course, remaining reasonably stable in many local currency terms (graph below). The longer-term prospects for more cyclical plays continue to look brighter. Increased renewable initiatives, greater infrastructure spending as well as general growth, especially from Asia, are likely to keep selected commodities in demand at the same time as certain supply constraints (weather, labour and equipment shortages, Covid, transport) are biting. Anecdotal evidence from reporting companies RTZ, BHP and Anglo American appear to suggest that the industry is enjoying a bumper time, and with disciplined capex programmes, extra dividends and share buy-backs are commonplace!. Current rumours of a cautious relaxation of the Chinese Covid policy, may provide a boost to base metals.

Wheat and other grain prices have fallen from the levels reached following the Russian invasion of Ukraine, but the current grain shipment complications, planting/harvesting schedules within the region and extreme global meteorological conditions are expected to lead to further price volatility. If the conflict is prolonged it will affect millions of people living in such places as Egypt, Libya, Lebanon Tunisia, Morocco, Pakistan and Indonesia that could have political consequences. There has been renewed interest in agricultural funds as well as the soft commodities themselves.

GLOBAL CLIMATE CHANGE remains a longer-term theme, and will be built into the many infrastructure initiatives, being pursued by Europe, USA, and Asia. The Russia/Ukraine conflict is accelerating the debate, and hopefully the action. There are several infrastructure/renewable investment vehicles which still appear attractive, in my view, combining well above average yields and low market correlation with low premium to asset value. The recent volatility in natural gas prices has highlighted both risks and opportunities in the production and storage of energy from alternative sources. However, increasing levels of due diligence are required, in committing new money to the area overall. Financial watchdogs across the world are sharpening their scrutiny of potential “greenwashing” in the investment industry on rising concerns that capital is being deployed on misleading claims.
• However, in the shorter term, the Russian invasion of Ukraine has precipitated a global energy crisis, that has forced countries, especially in Europe to look for ways to quickly wean themselves off Russian oil and gas, and reconsider timelines of commitments to cut the use of fossil fuels. At the time of writing, it seems highly likely that USA will increase oil and gas output, UK North Sea may see further investment and EU coal consumption could increase.

Another area currently in the ESG purist cross hairs is “nuclear”. Ignoring the fact that nuclear weapons have not been used in anger since 1945, and the fact that some deterrent is needed, (now?), where should the confused investor stand when it comes to nuclear power substituting coal power? Japan, UK and Germany are all studying proposals to revive their nuclear power capacities. I have some interesting “uranium play” ideas for those interested.

• ALTERNATIVE ASSETS -this group, encompassing private equity, private debt, hedge funds, real estate, infrastructure, and natural resources is expected to continue growing both in actual and relative terms over coming years.
Traditional asset management groups are racing to expand offerings in alternative investments as they seek to boost profitability and head off competition from private equity groups (see graph below).

I have, for a while, recommended some exposure to this area maybe as part of the former “gilt allocation”. With strong caveats re liquidity, transparency, dealing process, I still adopt this stance, continuing to use the investment trust route. So far this year, gilts have declined approximately 24% while my favoured UK renewable closed-end funds have appreciated by around 6% in capital terms and delivered about 6% in annual income. Please contact me directly for specific ideas

COMMERCIAL PROPERTY-

Several analysts are down grading their estimates for the sector following the rapid move in UK longer and shorter-term interest rates. Property asset valuations take time to materialise where there is a lag between balance sheet date and results publication in the listed area. Live traded property corporate bonds, however, have already moved sharply lower.

Index provider MSCI reported that commercial property values fell 2.6% in September, the largest monthly fall since 2016, while CBRE reported that the value of transactions was down 16% for the third quarter of this year compared with the same period of 2021.

Full asset allocation and stock selection ideas if needed for ISA/dealing accounts, pensions. Ideas for a ten stock FTSE portfolio. Stock/pooled fund lists for income, cautious or growth portfolios are available. Hedging ideas, and a list of shorter-term low risk/ high risk ideas can also be purchased.
I also undertake bespoke portfolio construction/restructuring and analysis of legacy portfolios.
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Feel free to contact regarding any investment project.
Good luck with performance!

Ken Baksh Bsc,Fellow (UK Society of Investment Professionals)

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Important Note: This article is not an investment recommendation and should not be relied upon when making investment decisions – investors should conduct their own comprehensive research. Please read the disclaimer.
Disclaimer: Opinions expressed herein by the author are not an investment recommendation and are not meant to be relied upon in investment decisions. The author is not acting in an investment, tax, legal or any other advisory capacity. This is not an investment research report. The author’s opinions expressed herein address only select aspects of potential investment in securities of the companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that potential and existing investors conduct thorough investment research of their own, including detailed review of the companies’ regulatory filings, and consult a qualified investment advisor. The information upon which this material is based was obtained from sources believed to be reliable but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication and are subject to change without notice.The author may hold positions in any of the securities mentioned
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