I’ve set to reading each and every past blog since joining Psigma and Tim Gregory’s, on US equities, is especially worthy of dusting down. Back in January 2015 Tim proffered that “the US market could spend much of this year going up and down within a volatile range but ultimately end up flat-lining”(read the full blogpost here). He has since extended this view through to the end of 2016. The options market, or a bookie (for the sake of easy listening), would have paid us handsomely to reflect this view given the bumper 2014 for US stocks (+13.5%) which saw them complete a 230% rise from their March 2009 trough. Whilst we don’t do options, we did – and do – run a material underweight to US equities based on the views in Tim’s blog. 2016’s vertiginous descent now makes the “flat-line” call tantamount to an 8% return from where we are today and forces us to re-consider our positioning. We’ve maintained our underweight, preferring to top-up other regions, but will be dissecting the current earnings season for signs the recovery still holds, so to cash in on that “flat-line” call…..Read more
On 17 December 2015, the Board of the Pension Protection Fund (PPF) published final details of how the 2016/17 levy will be calculated.
In December 2015 the Pensions Regulator (TPR) published its long-awaited guidance on what Integrated Risk Management (IRM) may look like and how trustees should go about putting it in place. The guidance effectively expands the material on IRM provided in Code of Practice 3: Funding of defined benefits, which has been effective since July 2014.
New pension flexibilities increasing cost and complexity
The new DC pension flexibilities introduced in the 2014 Budget have helped keep DC pensions in the headlines by providing greater freedom for members in how they use their pension savings. That’s great, but what about the cost?….read more
Blink and you miss it is an apt title. In fact, the chart doesn’t quite do it justice. If you count the actual trading time, it was only about fourteen minutes (allowing for the fifteen minute delay). According to the Financial Times, January 7th was the shortest trading day ever recorded in China (in twenty-five years)…..Read more