Expert thinking for better investment and business decisions.
Job Curtis, Portfolio Manager of The City of London Investment Trust, looks back at 2022 and shares his insights on inflation, the cost-of-living crisis, and UK stock market valuations. Job also touches on the dividend outlook for 2023 and the key risks investors should be mindful off.
A review of global equity markets in 2022 and the outlook for dividends in the year ahead.
David Barker, an Investment Analyst for Henderson EuroTrust, provides a snapshot of the typical analysis undertaken on every company considered for the portfolio. In this case, he explains the rationale behind the inclusion of Safran, a French-listed global aerospace supplier.
Recently commissioned research from Edison highlights why now might be the time to consider Lowland Investment Company (LWI).
Arguments for a modest rather than severe UK recession and why UK smaller companies are currently looking attractive.
John Bennett, Portfolio Manager of the Henderson European Focus Trust, talks about investing in oil during the ESG movement, how it felt going against the grain, the factors that contributed to the build-up in the energy allocation, and the role these companies could play in the energy transition.
“Companies with excellent management tend to come through slowdowns stronger - by keeping their costs under control and then reaping the benefits when demand picks up - whilst the weaker players disappear.”
"While the outlook is uncertain, the Trust is more focused on finding further opportunities in cyclicals where valuations are particularly compelling, remembering that share prices historically trough before economies do."
“The UK market looks cheap under almost any measure compared to history and other international markets.”
“Equity markets are inexpensive and, unless we see significant earnings downgrades over the next 12 months, such low equity market valuations are unlikely to be sustainable”
"There are plenty of things for the investment trust industry to be excited about in the year ahead."
