Trevor Greetham, Head of Multi Asset, explains why the investment clock is currently in an overheat position and the rationale for the asset allocation within RLAM’s risk-rated multi asset funds. He also highlights why investors may see more rotation than appreciation in stock markets over the coming months.
RecordedMay 12 20216 mins
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Having launched in February this year, Senior Fund Manager Rachid Semaoune will provide an overview of the fund in its first six months.
Rachid will review the compelling proposition of sustainable investing in global credit markets. He will explain how the team’s well-defined investment process is utilised and how it has identified opportunities since the fund launched.
Senior Fund Manager Richard Marwood will review the key themes within the current market environment, such as inflationary pressures and M&A activity. Richard will also provide an outlook for the remainder of the year.
Additionally he will review the fund, highlighting changes he has made within the portfolio, and how it has delivered since he became lead manager earlier this year.
The fund has a well-established approach to responsible investing. Eric Holt, Senior Fund Manager, will provide an overview of the screening process used to identify and exclude certain securities from the portfolio.
Eric will also present on how the fund has delivered over the medium and long term and review yield opportunities within the current environment. He will conclude with an assessment of market trends relevant to seeking out possible future holdings.
The race to zero emissions is gaining momentum and decarbonisation commitments from corporates and governments are increasing ahead of the next UNFCCC COP26*. The apparent gap between the science-based emissions’ reductions required to halt climate change and the trajectory of the economy seems to be closing, as shown in the recently published International Energy Agency (IEA) Net Zero 2050 scenario modelling. But what is the size of the gap? How trustworthy are these Net Zero commitments? And, what is RLAM’s role in achieving Net Zero and helping our clients to fulfil their own climate commitments? Following the recent publication of our Stewardship & responsible investment 2021 and 2020 TCFD reports, Carlota Garcia-Manas, Head of Engagement and Simonetta Spavieri, Responsible Investment Analyst will share insights on RLAM’s climate strategy: they will unravel the climate regulatory maze, highlight the shortfalls and improvements in climate metrics and provide examples of how all this influences RLAM’s ambition to be a catalyst for a Paris-aligned economy.
*United Nations Framework Convention on Climate Change, 26th Conference of the Parties.
What are the expectations for growth over the rest of this year and into 2022? Despite the recent slowdown, there are still reasons to expect reasonable growth in major economies for some time to come before inflationary pressures may cause interest rates to rise according to RLAM’s Head of Multi Asset, Trevor Greetham.
Trevor Greetham, Head of Multi Asset, analyses why with strong growth and inflationary pressures and the Investment Clock remaining in an overheat position, there is still no sign of interest rate rises. Trevor also discusses what may happen next after the longest expansion in US history was followed by the shortest recession on record.
Head of Sustainable Investments, Mike Fox and Fund Manager, George Crowdy, will review the rotation from growth to value stocks over the first quarter of the year, the move back to growth over the second quarter and discuss whether this switch back to growth is likely to continue.
Mike and George will also address the improved availability of sustainability data with the shift towards more quantitative based information and debate the benefits and potential flaws of this development.
Head of Fixed Income, Jonathan Platt and Senior Client Portfolio Manager, Ewan McAlpine will cover recent developments in fixed income markets.
They will address the impact of environmental, social and governance issues, inflationary pressures and discuss the possibility of interest rate rises. Jonathan and Ewan will also review valuations across short duration products and assess their suitability within the current growth and inflationary environment.
Successful vaccine rollouts are driving optimism for the global economy. Head of Multi Asset, Trevor Greetham, will explain why the current environment means the investment clock remains in an overheat position and how this should prove positive for multi asset portfolios with higher weightings in commodities, UK equities and commercial property.
However, Trevor will provide a note of warning and review whether monetary policy may need to tighten should the economic recovery gather pace and inflationary pressures remain.
Executive remuneration has always garnered attention. This has largely been for negative reasons as pay packages have continued to grow and the gap widen between executives and their employees. This was true under normal circumstances; but what happens when the world goes into lockdown, employees are sent home and entire industries fall silent? After the initial emergency steps were taken, what does the new normal look like? Who has responded positively and stuck to their commitments? And who has fallen back into bad habits? Following the recent publication of our Stewardship and responsible investment 2021 report; Sophie Johnson, Corporate Governance Manager and Jeffrey Ndeti, Corporate Governance Analyst will share insights into RLAM’s views and approach when engaging. They will highlight examples from the past year, sharing the positives, negatives and the unknowns of executive remuneration during a period of unprecedented change and uncertainty.
Mike Fox, Head of Sustainable Investments, reflects on the rotation between growth and value stocks over the first half of 2021, and as the sustainable investing environment continues to evolve Mike also provides an outlook for the second half of 2021.
Trevor Greetham, Head of Multi Asset, explains the reasons behind the asset allocation within RLAM’s risk-rated multi assets funds in an environment of rising bond yields and commodity prices which should provide a period of strong growth, as monetary and fiscal policy remain loose. However, Trevor warns that this may tighten should the economic recovery gather pace and inflationary pressures remain.
Will Kenney, Senior Fund Manager, highlights the inflationary pressures created by an earnings recovery across a number of sectors. He examines the reasons behind this and reviews whether the rise in inflation is likely to be transitory or more permanent. Will also reviews the Global Equity team’s Corporate Life Cycle investment process focusing on the ‘accelerator’ and ‘mature’ stages.
Investors are increasingly moving towards a greener and more sustainable approach, driven indirectly through regulations and more directly through meeting heightened stakeholder expectations. In this live and interactive webinar we will analyse what sustainable investing means at RLAM and the specific themes that shape our approach. We will provide insights from a fixed income perspective and an assessment of the key challenges, risks and pitfalls that can come with sustainable investing within credit.
Please join Chris Mills, Institutional Client Solutions Director, alongside Shalin Shah, Senior Fixed Income Fund Manager, and Matt Franklin, Senior Credit Analyst as they share our views on how best to construct a sustainable credit investment portfolio.
The recent pandemic has created a period of intense uncertainty and volatility in markets but it has been a catalyst for change. There are opportunities for those that can adjust to this evolving backdrop and many listed companies in UK mid cap are doing just that. Digital innovation, lifestyle changes, market consolidation and supply chain security are just some of the thematic drivers that are accelerating the growth backdrop for these companies.
Henry Lowson, Head of UK Alpha Equities, discusses recent portfolio activity which has focused on identifying these opportunities.
Head of Responsible Investment, Ashley Hamilton-Claxton and Responsible Investment Operations Manager, Beth Goldsmith, will provide an overview of the activity undertaken by the team over the past year including the stewardship of RLAM’s investments and the integration of ESG into investment processes. They will also provide an assessment of current themes in the market, such as SFDR and TCFD and conclude with an outlook on how the landscape for responsible investing may evolve.
Trevor Greetham, Head of Multi Asset, explains why the Investment Clock remains in an ‘overheat’ position and argues that monetary policy may tighten should the economic recovery gather pace and inflationary pressures remain.
Will Kenney, Senior Fund Manager, examines the current economic environment, where inflation remains in focus. He reviews the Global Equity team’s corporate life cycle investment process and focuses on examples of ‘accelerator’ and ‘turnaround’ holdings.
As yields have reached an all-time low, Head of Alpha Strategies, Paul Rayner will outline his thoughts on whether government bond markets should still be viewed as a ‘risk off’ asset allocation. With record levels of financial stimulus from central banks, Paul will consider the inflationary effect and whether the risks associated with governments bonds should be re-considered. He will also provide a view on what the future may look like for this perceived ‘safe haven’.
Head of Multi Asset, Trevor Greetham and Senior Economist, Melanie Baker consider how inflationary pressures are very much in evidence as developed economies re-open. However, they believe fiscal and monetary policy is extremely loose and policy makers appear to be in no hurry to tighten.
Trevor and Melanie will debate:
• What are the risks that a short term burst of inflation will become more entrenched?
• Which sectors and asset classes are most likely to protect purchasing power?
• Does this period finally spell the end for the bull market in bonds?
• Should investors be looking to diversify more broadly, to protect wealth and to capitalise on emerging trends?