Investment Line is a regular investment bulletin produced by Mattioli Woods plc. The communication provides an update on funds, highlights some of the areas we are focusing on, and shares our thoughts on the issues of the day.

3 minutes

No changes this month but the strong run enjoyed by equity markets coupled with the risks facing the global economy make us comfortable in our relatively cautious positioning. The moves of the last three months are unlikely to set the tone for the next six, in our opinion.


Most global markets have enjoyed a strong recovery over the last three months, but it looks as if they are pausing for breath now. Our current balance and spread of geographical ideas look about right across our different risk strategies, given valuations and opportunity sets.


Talks with the EU look challenging and we face the prospect of seeing our Covid-19 woes compounded by other bad economic news. Yes, UK assets look relatively cheap but for good reason.


Our thematic allocations have done well for us and we continue to look for further interesting and niche ideas which can benefit portfolios irrespective of the background economic conditions.


No changes here, the exposure is diverse, and we feel it offers a balance of pure protection and some potential for returns in better conditions.


Significant discounts and diversification makes us think current positioning is about right. The problems facing the UK economy are significant and will clearly impact here but seem to be priced in, unlike elsewhere.


We are continuing to work on our approach within the alternative strategies space, and we may make changes to the Cash Plus, Tactical Hedge and Uncorrelated allocations over the coming weeks.


Cash position remains unchanged.


Investment Line is written and edited by members of the Mattioli Woods Group investment committee and is for information purposes. It is not intended to be an invitation to buy, or act upon the comments made, and all/any investment decisions should be taken with advice, given appropriate knowledge of the investor’s circumstances. The value of investments and the income from them can go down as well as up, and you may not get back the amount invested. Past performance is not a guide to future returns.

Mattioli Woods plc is authorised and regulated by the Financial Conduct Authority.

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