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  • 03/12/2021
    Equities
    Eoin Murray
    Senior analyst becomes Co-Portfolio Manager on GEMs portfolio
  • Eoin Murray
    Eoin Murray, Head of Investment, shares his three wishes for tomorrow's UK Budget
  • 01/06/2020
    Corporate News
    Eoin Murray
    Kunjal Gala has been appointed Lead Portfolio Manager for the Hermes Global Emerging Markets Fund and the Hermes Global Emerging Markets SMID Equity Fund with effect from 1st September 2020.
  • 11/05/2020
    Corporate News
    Eoin Murray
    The longest equity bull market in history (at least for the US) came to an end on the 19th February, just a couple of weeks short of its 11th birthday. .
  • 28/04/2020
    Corporate News
    Eoin Murray
    The scale of the pandemic and the response elicited has shone the light firmly on the ‘S’ of Environmental, Social & Governance (ESG) factors, but all three issues have come to the fore as the crisis has developed.
  • Eoin Murray
    Despite phenomenal long-term share price performance, Big Tech has been besieged from all sides – governments and regulators have been forced to increase scrutiny, investors are questioning the future economic consequences, while consumers question the FANGs’ social licence to operate. In response to the major issues faced by Big Tech, Sickly Tech, a report by Eoin Murray, Head of Investment at Hermes Investment Management, raises deep questions about Big Tech’s future, the risks for investors, and outlines the necessary steps to drive reform. Even the market ruckus earlier this year failed to derail the trajectory of the Big Tech leaders. Instead, the market witnessed dramatic outperformance by Big Tech and the FANGs (Facebook, Amazon, Apple, Netflix and Google), which benefit from the ongoing growth in internet commerce. Indeed, if the FANGs (plus Nvidia and Microsoft) are stripped out, the S&P 500 has fallen over the year to date - such is the influence of their phenomenal momentum. Even from a global perspective, the FANGs are a vital positive story, with global markets overall having fallen slightly in 2018.
  • Eoin Murray
    "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness; […] it was the spring of hope, it was the winter of despair." Dickens’ famous opening words in The Tale of Two Cities could set the scene for the current market and macroeconomic climate – a world of latent volatility; where contradictory extremes loom as equally likely realities; where the slightest change in political winds could send events either way. Is it to be a time of inflation or disinflation, liquidity or illiquidity, growth or slump? The dramatic return of share-price volatility in the first quarter of the year indicates some plot issues that may be resolved in 2018, but others remain hidden in the subtext. In the latest Hermes Market Risk Insights report, Spring of hope, or winter of despair? Investors face Dickensian conditions, Eoin Murray, Head of Investment at Hermes Investment Management, explores the six key risks facing investors in extreme financial conditions.
  • Eoin Murray
    "Each social formation, through each of its material activities, exerts its influence upon the civic whole; and each of its ideas and ideals wins also its place and power." Patrick Geddes – sociologist and urban planner In our second Market Risk Insights of 2016, we again try to add some colour to the current environment. The markets were skittish in the first quarter, as we predicted. Even the sociologist quoted above, as familiar as he was with human interaction, would have been shocked by the speed with which the mood of the market changed, seemingly much faster than in the past.
  • Eoin Murray
    Is the recent global market sell-off a healthy correction or a foreshadowing of darker times ahead for investors? In the latest Market Risk Insights, ‘Before the luck runs out’, Eoin Murray, Head of Investment at Hermes Investment Management, explores the six key risks investors face as they trudge out into largely unmapped territory featuring extreme financial conditions. “Our ongoing concerns about the recovery’s tenure have been thrown into sharper focus by the steepest market sell-off since the credit crunch. In these exceptional times, as active investors, we need to probe beyond simple measures to gauge the underlying temperature of the broader financial system. “We exist in a period where the market is acutely vulnerable to a change in circumstances. Indeed, our Complacency Indicator has been fixed at worrying lows – suggesting an explosive spike in market volatility could be expected. As we have noted before, complacency does not guarantee negative outcomes, but investors should continue to be cautious, embed flexibility into their investment strategies and be prepared for any eventuality. “The coming year is likely to hold plenty of surprises. Central bank tightening, or at least the end of post-crisis monetary accommodation, will undoubtedly prove challenging. Long-dormant inflation looms as a tail risk, while the global political landscape remains unstable. Below, I set out the key risk gauges investors must consider when navigating markets that still reside at lofty elevations.
  • 20/11/2017
    Risk
    Eoin Murray
    In the latest Market Risk Insights, How to evolve in the new investment climate, Eoin Murray, Head of Investment at Hermes Investment Management, checks the temperature gauge and identifies risks investors should consider as we progress through the fourth quarter. The year may be almost at an end, but 2017 still has the capacity to shock. The shift from one monetary regime to another is unlikely to progress without convulsions in the market. In our consistently-held view, the current calm – reflected in low volatility and generally benign conditions – may hide deeper market vulnerabilities that could catch complacent investors. To remain ahead of the risk curve, we measure forward-looking ex-ante risk from as many angles as possible. Our models, built on the ever increasing piles of patterned data produced by the apparent chaos of daily market moves, help us discern likely hazards ahead. The following is a synopsis of the key findings.