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  • Andrew Parry
    With many indices now labelled bear markets after a traumatic start to the year, Andrew Parry, Head of Equities notes it is important to recognise that long-term investment returns are gradually rising, not falling, and that an adjustment was needed, as global quantitative easing had led to elevated valuations in most asset markets. US rates more influential than China turbulence: Previously, we have said that elevated volatility was the only market prediction that we were certain about. We maintain this view largely because of the “denominator problem”: with official rates hovering near zero and longer term rates suppressed, small changes in interest rate expectations can lead to significant swings in asset prices.