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.
Again, no dramatic changes to positioning, rather some tweaks to existing allocations.
European equities continue to merit greater consideration and allocations rise for some. The balance of geographical holdings elsewhere looks sensible.
Still looks decently placed for economic recovery - our existing allocations and the market capitalisation split between large and smaller companies look about right.
We continue to be proactive in identifying interesting thematic ideas but nothing new has met our stringent standards for inclusion in portfolios.
We have enjoyed the diversification benefits of Treasuries recently and are keeping faith for now. The fixed income exposure is very well diversified and there is a good mix of assets with different rate sensitivities and credit qualities.
We have considered the introduction of a global property exposure for higher risk investors and although not introducing holdings this month, the discussion is likely to continue.
We are trimming our alternatives allocation with equities benefiting in some portfolios. Lower down the risk scale protective holdings increase slightly.
Holdings reflect both the rates available on cash and the general state of asset markets.
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.