MANAGER’S MOMENTS

Any data or views given in the articles should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. Examples are for illustrative purposes only and are not a recommendation to buy or sell. Past performance is not a guide to future performance. We recommend you discuss any investment decisions with a financial adviser.

Ear to the Ground

It was a big week for the UK in terms of economic data being released. Although a lagging indicator, it was good to see the UK economy exit recession in the first quarter of 2024.

Ear to the Ground

Very little economic data from the UK this week to attract the attention. Perhaps the most headline grabbing release was the Nationwide Housing Prices survey to April which showed month on month values fell 0.4%

Ear to the Ground

Focus was on the Bank of Japan this week as they met to discuss interest rate and monetary policy. As expected, they decided to keep their short term interest rate unchanged at 0%-1%.

Ear to the Ground

Inflation data was the key focus of attention for UK investors this week. Year on year, the consumer price index rose by 3.2%.

Ear to the Ground

Whilst we have seen a plethora of economic data this week there can be no doubt that stealing the show was US inflation data.

Ear to the Ground

Eyes were focussed on US economic data releases this week, with little coming out of the UK. There was positive news for the US economy with the release of manufacturing data to March.

Ear to the Ground

After the flurry of central bank activity last week, the economic calendar has been a little more sedate. In the UK there has been little data to breakdown

Ear to the Ground

This week was one of central bank domination. First up we had the Bank of Japan who, after eight years of negative rates, hiked their short term interest rate from -0.1% to a range of 0%-0.1%.

Ear to the Ground

UK economic data releases took a back seat in what was Budget week. In terms of the predictions for inflation and economic growth announced, it was pleasing to hear that the Office for Budget Responsibility (OBR)

Ear to the Ground

Very little economic data out of the UK this week, with the Nationwide House Price Index the only real topic of discussion. Year on year, we saw the first increase in the last 12 months, rising 1.2%.

Ear to the Ground

Despite the half term holidays there has been enough to keep eyes on this week. In the UK we saw the release of the GfK Consumer Confidence data for February.

Ear to the Ground

After a quiet week on the data front last week, this week has proved anything but. In the UK we have heard about the jobs market, inflation, growth, and retail sales.

Ear to the Ground

After the excitement of the US jobs data last Friday, where 353,000 jobs were added, way above the consensus forecast of 180,000, this week has been very quiet on the economic data front.

Ear to the Ground

It was the Bank of England’s turn this week to vote on interest rates and, in line with consensus forecast, they voted to leave the base rate unchanged at 5.25%.

Ear to the Ground

Eyes were on US economic growth this week, with advanced figures released for the fourth quarter of 2023. Whilst the rate of growth was lower than that seen in the third quarter, it came in above consensus forecast.

Ear to the Ground

This week was one providing the Bank of England with mixed messages. Early in the week we saw wage inflation data which continued to decline on a year on year basis. Average earnings including bonuses rose 6.5% in 3 months, year on year to November.

Ear to the Ground

There has been enough economic data out this week to keep the market scratching their heads as to when the first interest rate cut will be, and by how much.

Ear to the Ground

After excitement through December that interest rates look like they will be cut in the major developed markets during this year, data out this week has perhaps reminded us that nothing is necessarily plain sailing.

Ear to the Ground

To pivot or not to pivot, that was the question. This week we saw the meeting of the Bank of England, European Central Bank (ECB) and the US Federal Reserve (Fed).

Ear to the Ground

After the excitement of November we have seen a more sedate start to December.

Ear to the Ground

It will come as no surprise as to what the main topic of conversation is for this edition, and that of course is inflation.

Ear to the Ground

Stop, wait a minute…Not often you get to quote a lyric from a Mark Ronson song in market commentary, but it seemed quite apt this week.

Monthly Update 31/10/2023

Monthly Update31 October 2023 he Fund posted a return of -2.53% for October, performing in line with the sector average return of -2.52%. Major equity

Ear to the Ground

Welcome to what is the 100th edition of Ear to the Ground. Given this anniversary, I thought I would look back at that first edition, drawing from it where we were then to where we are now, covering any predictions which were being made at the time.

Ear to the Ground

It has been a week of mixed data for the UK. At the beginning of the week we saw the release of the latest average earnings data to August. This was weaker than the consensus forecast, coming in at 8.1% versus 8.3% including bonuses.

Ear to the Ground

This week was one for inflation data, in particular from the US, as the market continues to try and interpret whether we have reached the terminal Fed Funds rate for this cycle.

Ear to the Ground

A difficult market for assets this week, with particular pressure seen at the long end of yield curves, as they continued to steepen. With the Bank of England and US Federal Reserve having left base rates on hold at their last meetings, shorter term yields have remained relatively anchored.

Monthly Update 30/09/2023

Monthly Update30 September 2023 The Fund posted a return of 0.06% for September, outperforming the sector average return of -0.50%. Major equity indices returned a

Ear to the Ground

Eyes were focussed on the latest core PCE (personal consumption expenditures) data from the US, a figure seen as the preferred measure of inflation for the US Federal Reserve.

Ear to the Ground

Taking centre stage were again the central banks, in particular the Bank of England and the US Federal Reserve.

Ear to the Ground

It was a busier week for economic data this week. Starting in Europe we had the European Central Bank (ECB) meet to set interest rate policy.

Ear to the Ground

There was very little in terms of UK economic data this week, anyone would think that it was the end of the summer school holidays! What we did have was the latest UK house price data, this time from Halifax.

Ear to the Ground

With UK economic data thin on the ground focus fell on the Nationwide House Price index this week.

Monthly Update 31/08/2023

Monthly Update31 August 2023 The Fund posted a return of -0.94% for August, outperforming the sector average return of -1.34%. Equity indices were predominantly in

Ear to the Ground

UK economic data was a little thin on the ground but we ended with some positive news regarding the economy. Preliminary data showed that the UK economy grew in the second quarter by 0.2%.

Ear to the Ground

We saw a small spike in equity market volatility this week, but for once the predominant driver wasn’t central banks. Instead, the credit (pardon the pun) goes to Fitch, the rating agency, who took the surprise decision to downgrade the credit rating of US federal government debt from the much coveted AAA rating to AA+.

Monthly Update 31/07/2023

Monthly Update31 July 2023 The Fund posted a return of 2.18% for July, outperforming the sector average return of 1.79%. Most major equity markets found

Ear to the Ground

Not a week appears to go by where we aren’t discussing inflation.

Ear to the Ground

Markets succumbed to a bout of weakness in the second half of the week…

Monthly Update 30/06/2023

Monthly Update30 June 2023 The Fund posted a return of -0.63% for June, underperforming the sector average return of 0.33%. Japanese stocks were strong performers

Ear to the Ground

A quieter week for data on both sides of the Atlantic this week…

Ear to the Ground

It is difficult to put pen to paper, or should I say fingers to the keyboard, these days without making reference to central banks.

Ear to the Ground

This week was another big one for central banks, with both the European Central Bank (ECB) and US Federal Reserve meeting to set interest…

Ear to the Ground

This week could perhaps be defined as one of mixed messages and about turns.

Monthly Update 31/05/2023

Monthly Update31 May 2023 The Fund posted a return of -0.94% for May, marginally underperforming the sector average return of -0.60%. Main equity markets returned

Ear to the Ground

The good, the bad, but hopefully not the ugly. The UK had news this week which quite nicely fits into all three categories.

Ear to the Ground

Economic data has been thinner on the ground over the last week. That which we have seen, however, appears to suggest that a US recession remains on the horizon.

Ear to the Ground

We start with the UK this week where, as expected, the Bank of England hiked rates by a further 0.25% to 4.5%. This was the 12th consecutive rise, with there again being split opinion, with 7 voting in favour of the hike whilst 2 voted in favour of no change.

Ear to the Ground

It was more about economic growth rather than inflation when it came to data released and there were a few surprises. In the US we saw the release of the first estimate for first quarter GDP.

Monthly Update 30/04/2023

Monthly Update30 April 2023 The Fund posted a return of -0.59% for April, underperforming the sector average return of 0.45%. Main equity markets were in

Ear to the Ground

It was more about economic growth rather than inflation when it came to data released and there were a few surprises. In the US we saw the release of the first estimate for first quarter GDP.

Ear to the Ground

Further interest rate hikes were back on the cards in the UK after stronger than expected UK inflation data. Firstly we had average earnings figures where, excluding bonuses, we saw a 6.6% increase, year on year.

Ear to the Ground

There were mixed feelings surrounding the US inflation data released this week. Pleasing the market, we saw the annual rate of inflation fall for the ninth consecutive month to 5%, the lowest level recorded since May 2021.

Ear to the Ground

Weaker economic data set the tone for interest rate expectations in the US last week. Firstly, we had the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI). This came in at 46.3 for March.

Monthly Update 31/03/2023

Monthly Update31 March 2023 The Fund posted a return of -2.26% for March, underperforming the sector average return of -1.02%. March was a difficult month

Ear to the Ground

After the events of the previous two weeks a quieter few days was probably in order. In the UK, economic data was on the lighter side.

Ear to the Ground

The central banks of the US and UK continued their battle against inflation this week, both lifting their key interest rate by 0.25%. This took the US Fed Funds Rate to 4.75%-5% and the UK base rate to 4.25%.

Ear to the Ground

There are some weeks when content for Ear to the Ground is hard to come by. This week is certainly not one of those weeks. We touched upon Silicon Valley Bank (SVB) in our previous edition. The UK arm was successfully sold to HSBC.

Ear to the Ground

This week we heard from Jerome Powell who provided his update to Congress. Here he confirmed that he was prepared to increase the pace of interest rate hikes if the data warranted this.

Ear to the Ground

With February now drawn to a close, we provide a summary of market movements for the month rather than the usual Fund Focus, which will return next week.

Monthly Update 28/02/2023

Monthly Update28 February 2023 The Fund posted a return of -0.77% for February, marginally underperforming the sector average return of -0.65%. The performance of key

Ear to the Ground

Whilst the result was already known, the market keenly awaited the publishing of the minutes of the last US Federal Reserve meeting. These revealed that the majority of the policy setting committee members had voted in favour of a 0.25% hike.

Ear to the Ground

Here in the UK, a congratulations to the FTSE 100 which breached the 8,000 level for the first time. Despite weak earnings from Barclays, there were strong earnings posted by Centrica, whose principal activity is the supply of electricity and gas in the UK.

Ear to the Ground

The preliminary release for fourth quarter GDP in the UK showed that the UK economy stalled in the period. Although third quarter figures were revised down, showing a contraction of -0.2%, the flat figure meant that the economy narrowly avoided recession.

Ear to the Ground

I am very much at risk of sounding like a broken record, again, but… it was again a week when central banks around the world stole the limelight. In the US, the Federal Reserve raised the target range for the fed funds rate by 0.25% to 4.5%-4.75%.

Monthly Update 31/01/2023

Monthly Update31 January 2023 The Fund posted a return of 4.48% for January, outperforming the sector average return of 3.35%. The performance of key equity

Ear to the Ground

A quieter week on the economic data front, with little out of the UK or the Euro area. In the latter there were numerous speeches made by ECB members which appear suggest that

Ear to the Ground

We start in the east this week, Japan in particular, where we had a number of announcements. Firstly, we had the Bank of Japan meet to decide on the level of interest rates. Here the decision was made to keep the rate on hold at -0.1%, which was in line with market expectations.

Ear to the Ground

This week we saw the World Bank make a change to its investment outlook for 2023. The organisation had previously forecast that the global economy would grow by 3% this year.

Ear to the Ground

Some might have expected the first week back in 2023 to be a quiet affair. This has proved not to be the case, however. In the US we had the release of the December FOMC meeting.

Monthly Update 31/12/2022

Monthly Update31 December 2022 The Fund posted a return of -0.08% for December, outperforming the sector average return of -1.10%. The performance of key equity

Lowes Investment Management

Ear to the Ground

“Follow the leader”! Or instead of a game of “Simon Says”, are we currently witnessing a game of “Powell Says”? This week was a week for interest rate decisions, with respective committees meeting in the US, UK and the EU. First up we had the US Federal Reserve, as expected, raised interest rates by 0.5% to the 4.25%-4.50% range. This was the seventh consecutive rate hike…

Lowes Investment Management

Ear to the Ground

It was the turn of Halifax to report weaker house prices this week, following a negative report by Nationwide last week. Halifax reported that house prices had fallen by 2.3% in the month of November, the largest drop since November 2008. In the US meanwhile, some economic data surprised to the upside. The ISM Non-Manufacturing PMI for November came out at a stronger-than-expected…

Lowes Investment Management

Ear to the Ground

It has been a quieter one on the UK economic data front this week, especially in the UK. There was data out regarding the housing market and it was no real surprise to see a fall in both price and activity here. Mortgage approvals and mortgage lending came in lower than in the previous month and also below forecast.

Monthly Update 30/11/2022

Monthly Update30 November 2022 The Fund posted a return of 5.34% for November, outperforming the sector average return of 3.54%. November proved a strong month

Lowes Investment Management Blog

Ear to the Ground

A little quieter on the economic front this week. The release of the FOMC minutes from the previous meeting contained no real surprises and reflected very much what was said by Chair Powell in the post-meeting press conference and statements made by other Fed governors since. The Minutes confirmed the…

Lowes Investment Management

Ear to the Ground

This week saw the release of the UK budget. Some are terming it as being a ‘rescue’ budget and this is understandable given the forecasts made by the Office for Budget Responsibility (OBR). They forecast that the economy will contract by 1.4% in 2023, before expanding by 1.3% in 2024, 2.6% and 2.7% in the following two years.

Lowes Investment Management

Ear to the Ground

A number of central banks have held their latest meeting to set interest rates. The ECB acted in line with expectations, increasing its policy rate by 0.75% to 1.5%. The ECB also offered hints as to the future direction of its rate setting. Whilst further hikes are expected to combat inflation, which is still deemed as being too high, the central bank suggested that pace of rate hikes may be slower moving forward.

Lowes Investment Management

Ear to the Ground

This week as again been dominated by central bank actions. Here in the UK we had the Bank of England working busily. Firstly they auctioned their first tranche of government bonds as they looked to reduce their balance sheet holding of £838bn. They sold £750m of gilts which had a remaining maturity of between three and seven years.

Monthly Update 31/10/2022

Monthly Update31 October 2022 The Fund posted a return of -1.78% for October, underperforming the sector average return of 0.09%. Most equity markets ended in

Lowes Investment Management

Ear to the Ground

A number of central banks have held their latest meeting to set interest rates. The ECB acted in line with expectations, increasing its policy rate by 0.75% to 1.5%. The ECB also offered hints as to the future direction of its rate setting. Whilst further hikes are expected to combat inflation, which is still deemed as being too high, the central bank suggested that pace of rate hikes may be slower moving forward.

Lowes Investment Management

Ear to the Ground

It is fair to conclude that this week has again been dominated by politics, with the resignation of Liz Truss stealing the headlines. This has been very well publicised in great depth and therefore we will leave it there. From an economic perspective in the UK, this week we saw the release of CPI to September. This came in at 10.1%. This was slightly ahead of the consensus forecast of 10% and given this did little to unnerve markets.

Lowes Investment Management

Ear to the Ground

Eyes have been firmly focussed on the US this week as investors awaited the latest inflation print. Although a lagging indicator, the level on inflation in the economy is main factor driving the US Federal Reserve monetary policy. The headline inflation for September came out at 8.2%. Feelings were mixed on its release. ..

Lowes Investment Management

Ear to the Ground

This week has very much been a to and fro between whether the US Federal Reserve are about to pivot and adopt a more dovish monetary policy stance, or perhaps less tightening stance would be a more appropriate way to put it. Investors are therefore focussing on every scrap of economic data which they can get their hands on. We appear to be back…

Ear to the Ground

Ear to the Ground

Do we ironically owe them an inadvertent thank you? This may appear to be a very strange suggestion in that, given the turmoil that their latest fiscal plans have brought, that we could even start to think that we owe this to Truss and Kwarteng. I am in no way taking any political sides here but bear with me on this one. In our special edition…

Lowes Investment Management

Ear to the Ground

Late last week we saw the first what was meant to be mini-Budget from Kwasi Kwarteng, the new UK Chancellor. Given the level and degree of announcements made however you could be mistaken for thinking that it was indeed a full budget. The tax cuts and levels of spending which the government have committed to are now very well publicised.

Lowes Investment Management

Ear to the Ground

Central banks took centre stage this week, with interest being set both in the US and here in the UK. The Federal Reserve were the first to the table, where they increased rates by 0.75%. This was in line with expectations, but some market commentators had touted a full 1% rise, a move adopted by Sweden earlier in the week. This takes US rates to the 3%-3.25% range.

Ear to the Ground

It is difficult to not sound like a broken record at the moment but we are currently within an environment which is very data sensitive, driving which way markets move next, at least in the short term. The case in point was made this week in the US. Inflation had been expected to come in at 8.1% year on year to August, but instead posted a reading of 8.3%…

Lowes Investment Management

Ear to the Ground

The latest inflation forecast for the UK from Citi took the market by surprise this week. Updated for a further rally in gas and electricity prices, they believe that a further upside shift in inflation is highly probable and that CPI could peak at over 18% in January. This is some way above the 13.3% predicted by the Bank of England in their latest report.

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Ear to the Ground

The US Federal Reserve Chair Jerome Powell took markets by surprise at the Jackson Hole Symposium last week. Many market commentators had been expecting him to deliver something of a pivotal moment. A softer stance on monetary policy tightening, in particular interest rate hikes, was envisaged given the softer economic data coming through and fears of a recession.

Monthly Update 31/08/2022

Monthly Update31 August 2022 The Fund posted a return of 1.17% for August, outperforming the sector average return of 0.52% due to strong underlying fund

Lowes Investment Management

Ear to the Ground

The latest inflation forecast for the UK from Citi took the market by surprise this week. Updated for a further rally in gas and electricity prices, they believe that a further upside shift in inflation is highly probable and that CPI could peak at over 18% in January. This is some way above the 13.3% predicted by the Bank of England in their latest report.

Lowes Investment Management

Ear to the Ground

Droughts, blackouts and potentially an inflation top out. With the UK and Europe in the midst of another heatwave we are hearing of more hose pipe bans and of reservoirs drying up. In Europe the shortage has the potential to become the regions next big enemy.

Lowes Investment Management

Ear to the Ground

This week was always going to be about the Bank of England and it indeed proved to be the case. The market fully expected that the Monetary Policy Committee (MPC) would raise rates by 0.5% to 1.75% and they delivered accordingly. This was the largest increase seen in 27 years. This move was supported by eight of the nine committee members…

Monthly Update 31/07/2022

Monthly Update31 July 2022 After a difficult year to date, UK fixed income enjoyed a stronger July in terms of performance. High inflation remains a

Ear to the Ground

Something we might be a little bit more reticent to bring home however is the nation’s favourite cheeseburger, after McDonalds announced last week that it will see its first price increase in over 14 years. It wasn’t just a small increase either, with a 20% hike being imposed. The company is also to pass on the cost of higher fuel and ingredients onto other items on their menu.

Lowes Investment Management Blog

Ear to the Ground

It ain’t half hot! In a week which saw record temperatures in the UK, it wasn’t just the weather which had us all a lot hot under the collar. UK inflation figures revealed that CPI had increased to 9.4% in June, the highest reading since 1982 and marginally above market forecasts of 9.3%. It is perhaps unsurprising to hear that fuel and food were the largest contributors to the increase.

Lowes Investment Management Blog

Ear to the Ground

What goes up, must come down. But not quite yet! US inflation again surprised to the upside this week, with the release for June coming out at an eye watering 9.1%. This was up from 8.6% in May, above market forecasts of 8.8% and the highest reading since…

Lowes Investment Management

Ear to the Ground

Politics have certainly been at the top of the agenda this week, with the resignation of Boris Johnson being the focal point. As should probably be expected, however, the investment market response has been fairly muted. There was some sign of sterling strength following the announcement but markets soon reverted to business as usual.

Lowes Investment Management

Ear to the Ground

It has been a quieter week for economic releases this week but that does not mean this has been reflected in investment markets. The inflation debate continues to rumble on, with investors and market analysts trying to anticipate when and where it will peak. Inflation appears to be on a different expansionary path in some countries and regions when compared to others…

Monthly Update 30/06/2022

Monthly Update30 June 2022 UK fixed income struggled as an asset class through June, but there was some respite towards the end of the month

Lowes Investment Management

Ear to the Ground

Not a week seems to go by where inflation isn’t in the headlines. This week we saw the release of the latest figures for the UK, with CPI coming in at 9.1%, in line with expectations. Under the bonnet, the rate of inflation was higher across most categories, in particular housing & utilities, transport and food & non-alcoholic beverages.
The squeeze on disposable income is certainly having ramifications.

Lowes Investment Management

Ear to the Ground

There are some weeks when news and events come thick and fast and this has most certainly been one of them. Central banks were once again at the fore, with a number of them holding meetings this week. The US Federal Reserve were

Ear to the Ground

This week could potentially best be described as a week of confirmation. The increase in the cost of living has, for a number of months, been expected to have a detrimental impact on economic growth and we have started to see than come through in economic forecasts.

Monthly Update 31/05/2022

Monthly Update31 May 2022 May was a difficult month for equity markets to make any headway. Within the UK it was large caps which continued

Lowes Investment Management

Ear to the Ground

Economic data has been on the quieter side this week relative to the recent barrage which we have had over recent weeks. Wednesday did however see the release of the latest US Federal Reserve minutes. There was nothing really new

Lowes Investment Management Blog

Ear to the Ground

Inflation again took centre stage in the UK this week, with the annual CPI inflation rate jumping to 9% in April, the highest level since 1982. Month on month inflation rose by 2.5%, with the key contributor being housing and household services, with cost of renting, mortgages and household bills all on the rise.

Lowes Investment Management Blog

Ear to the Ground

This week saw the release of preliminary of GDP figures for the UK. We saw growth of 0.8% growth quarter on quarter, supported by an increase in demand for services, manufacturing and household consumption. Growth was behind…

Lowes Investment Management Blog

Ear to the Ground

Central banks were back in the limelight this week. Sound familiar? On Thursday the Bank of England raised the base rate by 0.25% to 1%, in line with market expectations. This was the 4th consecutive…

Monthly Update April 2022

Monthly Update 30/04/2022

Monthly Update30 April 2022 Major equity markets were predominantly negative during the month. With inflation moving higher, the potential for an economic slowdown, even recession

Lowes Investment Management Blog

Ear to the Ground

The market was caught off guard yesterday when US economic growth for Q1 came in much weaker than expected. The economy contracted by an annualised 1.4% in the quarter. This was well below the 6.9% annualised rate…

Lowes Investment Management Blog

Ear to the Ground

This week saw the release of the latest economic growth projections by the IMF. Within this they forecast that the global economy will grow by 3.6% this year. This is 0.8% lower than the prediction which they made in January. Even following…

Lowes Investment Management Blog

Ear to the Ground

Inflation again took centre stage this week with the release of key data for the UK and the US. In the UK consumer price inflation rose 7% in the 12 months to March, the highest reading since…

Lowes Investment Management Blog

Ear to the Ground

This week saw the release of the latest minutes from the FOMC meeting. Whilst they increased rates by 0.25%, the minutes revealed that many members would have preferred a 0.5% hike. Without the conflict in Ukraine, it is likely…

Lowes Investment Management Blog

Ear to the Ground

As inflation continues to surprise to the upside and the cost of living increases, the market is now pricing in more interest rates hikes in the US, more than the recent Federal Reserve Dot Plot indicated. There are now 8 hikes of 0.25% fully priced in by the market…

Monthly Update March 2022

Monthly Update 31/03/2022

Monthly Update31 March 2022 Major equity markets were again mixed during the month. Most initially fell sharply as the events in Ukraine and the impact

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Ear to the Ground

In a further sign that certain stocks are priced for perfection we saw another technology stock take a tumble this week when it missed on expectations. This time it was Roblox, the open gaming platform, who on Wednesday saw their share price fall 26.6%. In good news for the company it reported 49.5m daily…

Lowes Investment Management Blog

Ear to the Ground

Central banks were at the fore this week, with meetings at the Bank of England and the US Federal Reserve. The Bank of England, as expected, increased the base rate by a further 0.25%, taking it to 0.75%. The MPC voted 8-1 in favour of the move, with one dissenter voting to keep…

Lowes Investment Management Blog

Investment Topic: ‘WYSIATI’

The above jumble of letters may appear a strange way to begin an investment topic. However, this arrangement has significance in terms of the way in which we view things, including investment opportunities. Indeed, in the world of behavioral finance, this can play a significant role. So, what does…

Lowes Investment Management Blog

Ear to the Ground

The conflict between the Ukraine and Russia continued to take centre stage this week. With no sign of de-escalation, countries and companies continue to try and exert pressure on Russia in whichever way they can. Countries around the world continue to increase trade…

Lowes Investment Management Blog

Ear to the Ground

Within this article we focus our attention on the conflict in the Ukraine and the impact it has had to date on financial markets and the economy. Firstly however, we acknowledge that the invasion of the Ukraine by Russia has captured the thoughts and feelings…

Monthly Update February 2022

Monthly Update 28/02/2022

Monthly Update28 February 2022 The Fund posted a return of -1.51% for February, outperforming the sector average return of -1.74%. After a positive start for

Lowes Investment Management Blog

Ear to the Ground

Unfortunately the main news this week is the very sad events which are now developing in the Ukraine. I think we are all aware of what is now happening so I won’t look to go into detail. The UK, EU and the US began with a round of sanctions as their initial response and it is likely that these will be ramped up…

Lowes Investment Management Blog

Ear to the Ground

In a further sign that certain stocks are priced for perfection we saw another technology stock take a tumble this week when it missed on expectations. This time it was Roblox, the open gaming platform, who on Wednesday saw their share price fall 26.6%…

Lowes Investment Management Blog

Ear to the Ground

Inflation again took centre stage on Thursday as the US released their latest figures. Headline CPI came out at a rather eye-watering 7.5%, the highest reading since February 1982 and above market consensus of 7.2%. Core CPI…

Ear to the Ground

This week we expected the Bank of England meeting on Thursday to sit at the top of the agenda. However, activity in certain equities this week has eclipsed this and moved into top spot. On Thursday we saw Facebook parent Meta’s share…

Monthly Update January 2022

Monthly Update 31/01/2022

Monthly Update31 January 2022 The Fund posted a return of -3.60% for January, outperforming the sector average return of -4.75%. Equity markets struggled in January,

The prospect of higher inflation and interest rates

Ear to the Ground

All eyes were on the US Federal Reserve this week as they met to discuss interest rates and the size of the central bank balance sheet. Last week we reported that the likelihood was that they would leave rates…

Ear to the Ground

This has certainly been a week for headlines. There does not seem to be a week where we don’t mention inflation and this week will prove no exception.

Ear to the Ground

Inflation was back to taking centre stage this week with the release of the latest rate in the US.

Ear to the Ground

Taking centre stage this week was the release of the minutes from the latest US Federal Reserve meeting.

Monthly Update December 2021

Monthly Update 31/12/2021

Monthly Update31 December 2021 The Fund ended the month 1.21% higher, marginally underperforming the sector average return of 1.35%. Equity markets were generally stronger during

Ear to the Ground

For those who enjoy a biscuit with their cuppa they may be wise to stock up now. McVitie’s became the latest company to warn customers that the price of their products could rise…

Ear to the Ground

Central banks took centre stage this week. First up we had the US Federal Reserve. At their meeting they confirmed that they are doubling the pace of tapering to $30bn a month which…

Ear to the Ground

This week saw the release of US inflation, with the annual rate hitting 6.8% in November, the highest reading since June 1982. This marked the 9th consecutive month that inflation has been above 2%…

Ear to the Ground

It seemed rather fitting to start with a definition this week of what transitory actually means…

Monthly Update November 2021

Monthly Update 30/11/2021

Monthly Update30 November 2021 The Fund ended the month 0.85% lower in November following a difficult period for equity markets. Indices were weaker across the

Ear to the Ground

Equity markets are ending the week on a weaker note, with the FTSE 100 down over 2.5%…

Ear to the Ground

Inflation was again in the limelight this week,this time in the UK. Tuesday saw the release…

Ear to the Ground

This week saw the first release of UK GDP for the 3rd quarter. This rose 1.3% on the quarter…

Ear to the Ground

This week the central banks again took centre stage. Unfortunately the ‘unreliable boyfriend’…

Monthly Update October 2021

Monthly Update 31/10/2021

Monthly Update31 October 2021 Equity markets were mixed during the period. The US equity market was stron g, helped by a strong return from the

Monthly Update September 2021

Monthly Update 30/09/2021

Monthly Update30 September 2021 The Fund rose marginally during the month, returning 0.07%. This represented outperformance of the IA Flexible Investment sector average, which posted

Monthly Update August 2021

Monthly Update 31/08/2021

Monthly Update31 August 2021 Buoyant equity markets helped the fund rise by 1.75% during the month. UK equities were one of the strongest performing, in

Coupon Clipping

Coupon Clipping

Coupons Clipped 18 August 2020 Within the MI Diversified Strategy Fund you will typically find an allocation to structured notes. We like these investments as

Monthly Update July 2021

Monthly Update 31/07/2021

Monthly Update 31 July 2020 The Fund fell -0.38% during the month, underperforming the IA Flexible Investment sector average return of 0.15%. The performance of

Monthly Update June 2021

Monthly Update 30/06/2021

Monthly Update30 June 2021 The Fund returned 1.12% during the month, underperforming the IA Flexible Investment sector average return of 1.96%. Equity markets were generally

Monthly Update May 2021

Monthly Update 31/05/2021

Monthly Update31 May 2021 The Fund returned -0.14% during the month, outperforming the IA Flexible Investment sector average return of -0.21%. Equity markets were generally

Monthly Update 30/04/2021

Monthly Update 30 April 2021 The Fund returned 2.74% during the month, underperforming the IA Flexible Investment sector average return of 3.33%. Equity markets were

Monthly Update March 2021

Monthly Update 31/03/2021

Monthly Update31 March 2021 After a strong February, the Fund returned 0.76% during the month, underperforming the IA Flexible Investment sector average return of 1.70%.

When a Little Means a Lot

When a Little Means a Lot

When a Little Means a Lot 30 March 2021 Sometimes in life it can be the small things that make all the difference and last

Home Sweet Home

Home Sweet Home

Home Sweet Home17 March 2021 There can be no doubt that 2020 was a difficult period for UK equities. Whilst all markets were troubled by

Monthly Update February 2021

Monthly Update 28/02/2021

Monthly Update28 February 2021 The Fund returned 1.42% during the month, outperforming the IA Flexible Investment sector average return of 0.61%. Equity markets generally ended

Monthly Update January 2021

Monthly Update 31/01/2021

Monthly Update31 January 2021 The Fund returned -0.24% during the month, only marginally behind the IA Flexible Investment sector average return of -0.11%. January ended

Keeping Our Definition

Keeping Our Definition

Keeping Our Definition04/01/2021 During the Christmas and New Year celebrations definition was perhaps the last thing on your mind. With all the additional goodies on

Monthly Update December 2020

Monthly Update 31/12/2020

Monthly Update31 December 2020 The Fund returned 2.45% during the month, only marginally behind the IA Flexible Investment sector average return of 2.58%. December was

Don't Break the Bond

Don’t Break the Bond

Don’t Break the Bond20 December 2020 In the last week we have continued to see US equity market indices attain record highs. At the same

Monthly Update November 2020

Monthly Update 30/11/2020

Monthly Update30 November 2020 The Fund returned 6.18% during the month, behind the IA Flexible Investment sector average return of 7.32%. Equity market returns were

Monthly Update October 2020

Monthly Update 31/10/2020

Monthly Update31 October 2020 The Fund returned -1.16% during the month, ahead of the IA Flexible Investment sector average return of -1.25%. After a positive

Monthly Update September 2020

Monthly Update 30/09/2020

Monthly Update30 September 2020 The Fund returned -0.82% during the month, behind the IA Flexible Investment sector average return of -0.37%. Equity markets were generally

Monthly Update August 2020

Monthly Update 31/08/2020

Monthly Update31 August 2020 The Fund returned 2.26% during the month, marginally underperforming the IA Flexible Investment sector average return of 2.54%. Equity performance showed

Monthly Update July 2020

Monthly Update 31/07/2020

Monthly Update31 July 2020 The Fund outperformed the IA Flexible Investment sector average during the month, returning 1.34% against 0.14% respectively. Equity market performance was

Monthly Update June 2020

Monthly Update 30/06/2020

Monthly Update30 June 2020 The Fund lagged the IA Flexible Investment sector average during the month, returning 0.79% against 2.00% respectively. Equity markets were generally

Monthly Update May 2020

Monthly Update 31/05/2020

Monthly Update 31 May 2020 The Fund posted a return in line with the IA Flexible Investment sector average during the month, returning 3.78% and

Income Uncertainty

Income Uncertainty

Income Uncertainty 4 May 2020 COVID-19 and the lockdowns around the world, which subsequently ensued have had a marked and meaningful impact on the global

Monthly Update April 2020

Monthly Update 30/04/2020

Monthly Update30 April 2020 The Fund posted a return of 7.19%# in April, in line with the IA Flexible Investment sector average return of 7.25%.

Stimulating Stuff

Stimulating Stuff

Stimulating Stuff 27 March 2020 Yesterday saw the chancellor announce yet another package to provide support to the UK economy as we all continue to

Monthly Update Feb 2020

Monthly Update 31/02/2020

Monthly Update 31 February 2020 The Fund fell 3.81% during the month, outperforming the IA Flexible Investment sector average which fell 4.67%. Equity markets initially

Monthly Update March 2020

Monthly Update 31/03/2020

Monthly Update31 March 2020 The Fund fell 12.29% during the month, underperforming the IA Flexible Investment sector, which fell 10.95%. This was a month which

A Defined Success

A Defined Success

A Defined Success 31 January 2020 Within the MI Diversified Strategy Fund you will typically find an allocation to structured notes, an asset class which

Coronavirus Update Cover

Coronavirus Update

Coronavirus Update31 January 2020 The advent of the coronavirus was the catalyst for an increase in volatility within stock markets in January. At the time

Monthly Update 31/01/2020

Monthly Update31 January 2020 The Fund fell 0.71% during the month, marginally underperforming the IA Flexible Investment sector average which fell 0.49%. Equity markets were

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