Author: Jasper Falk

Moved short Sterling versus USD at 1.53 in September 2015 and remained short Sterling during post-referendum devaluation (subsequently closed due to Sterling’s cheapness)

Moved underweight UK Consumer Services (ie retailers) in April 2016 and underweight UK Consumer Goods in October 2016

Moved back overweight in Oil & Gas Sector in February 2016. Allocation was reduced significantly after the Sector became very overbought in July 2016, and increased again on signs that the setback was over

After significant underperformance earlier in 2016, reduced large underweight in UK FInancials from July onwards and later moved overweight

Still at zero in UK Oil & Gas and Basic Materials as they continue to underperform UK market (both Sectors were major allocations in 2016)

Our UK Sector Model has been underweight in Telecoms for most of period since February 2016 since when Sector has significantly underperformed UK market – but relative value is building

Tim Guinness to join Ekins Guinness as a Partner

Still underweight Japan (since February) and it continues to underperform world equities, although relative value is improving

UK Sector rotation continues – significant change to UK Consumer Services weighting

Report published highlighting opportunity in UK Consumer Sectors