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 currently focusing on, and our thoughts on the issues of the day.

3 minutes

The equity rally since the end of March has been undeniably strong, yet is showing signs of running out of steam. We are making slight changes to most portfolios, but our cautious positioning is unchanged.


We are adding some general emerging market exposure at the expense of Asia in higher risk portfolios.


No changes here. Smaller companies have been very robust and the UK has participated in the wider equity market rally, yet the medium to long term concerns persist.


The hard commodities position in the more adventurous portfolios is removed, with global emerging markets the beneficiary.


We are making the move to introduce US Treasuries in lower-risk portfolios. Returns now look attractive, even in those parts of the market where interest rate vulnerability is limited.


No changes to property allocations, which remain significant, and we continue to balance our enthusiasm for the asset class with our less constructive view on the UK.


Managed futures will be removed from cautious portfolios to accommodate the US Treasuries position in a move that should improve the volatility profile.


Cash levels are reduced in the most defensive portfolios to allow for the introduction of US Treasuries.


Investment Line is written and edited by members of the Mattioli Woods Asset Allocation Team, 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 fall as well as rise, and investors may not get back the full amount invested. Past performance is not a guide to the future.
Mattioli Woods plc is authorised and regulated by the Financial Conduct Authority.

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