We live in interesting times. As we have repeatedly mentioned for the last two years the largest threat to markets is rising interest rates.
An area of concern is that there is an element of herd investing at the moment. In other words, investors are being attracted to the same asset classes. We strongly believe that in an environment of increasing interest rates one clear departure from what we have seen for the last 10 years will be an environment where passive investing will lose and active investing and differentiated investment strategies will prosper.
Please do not hesitate to contact either Ian Gillies, John Green or myself on 03 92758888 if you have any queries.