Category: Highlights

Increasingly Overweight Financials which are benefitting from steepening yield curve

Report: Global Sector Rotation – reduction in Financials and Consumer Goods with Value, Momentum and Overbought/Sold Scores for individual stocks

Switched from global equities into bonds in early August 2015. Major switch post EU Referendum from bonds back into equities in July and August 2016

Went long Yen/USD in January 2016 at 118, neutral at 104 in October and then short Yen in November

Regional allocations came out of Japanese equity market completely in March 2016 when it became expensive and lost momentum. Moved back into Japan in October

Moved back into Emerging Markets in March 2016 for the first time since October 2014, and simultaneous significant allocation to Asia ex Japan. Both reduced significantly in November 2016

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