| Monthly Investment Review
2018 is best forgotten from an investment perspective, with most assets classes falling and volatility surging. Slowing global growth, trade tensions, tightening financial conditions, and politics played their part. Even the resilient US S&P500 Index finally succumbed and posted its worst December since 1931 almost hitting the technical definition of a bear market.
The positives on the horizon are that some of the key fundamentals remain positive, primarily benign inflation and generally low interest rates. In addition, price/earnings multiples have contracted significantly meaning that valuations in most markets are well below fair value.
However, concerns that the pace of US economic growth may be slowing, with the resultant downward revisions of corporate earnings' expectations, means that short-term volatility may continue. It is interesting to note that there has been a sharp uplift in equity prices since the low point on Christmas Eve.
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18 January 2019