December 2023

Multi-Asset

After a weak October, markets bounced back strongly in November, with global equities in sterling up over 5%. Global bonds also rallied, as the headline inflation print in the US fell short of expectations. Read more from Will Bartleet (CIO/Portfolio Manager) and William Thompson (CSO/Portfolio Manager) here:

Longevity & Social Change

The MSCI World equities index was up 5% in November (in GBP) as most regions and sectors posted a recovery after two months of broad-based weakness. The strategy performed broadly in line with its global benchmark in November, despite our zero allocation to Tech and helped by our strong stock selection in Healthcare, Financials and Consumer Discretionary. Read more in Dani Saurymper's latest commentary:

Emerging Markets

In what was generally a strong month for equities, our larger allocations to Korea, Taiwan, Brazil and Mexico contributed to relative performance but were more than offset by stock selection as value factors lagged the broader market. Read more from Kamil Dimmich, CFA, and Matt Linsey here:

Emerging Markets Income

In November, performance was led again by Taiwan but we also had solid performance from financials which boosted our returns from Brazil, South Korea and Poland. Read the full commentary from the Portfolio Manager, Robert Holmes, CAIA:

G10 Macro Rates

November was a sharp reversal of trends seen in the prior months and all the volatility in rates was very much a push back against the “higher for longer” mantra. Read more from the Pacific G10 Macro Rates team, Shayne Dunlap, Richard Marshall, and Oleg Gustap here:

Global Active Credit

Market sentiment was ebullient in November as several major global economies reported lower than forecast inflation readings resulting in market participants pricing in a higher likelihood of central banks cutting policy rates sooner than previously expected. Read more from Christopher Joye, CEO and Senior Portfolio Manager, at Coolabah Capital Investments, and the rest of the portfolio management team?here: