Model Portfolio Service: Q2 2019 update

Portfolio Director, Steven Rooke looks back on the last quarter of 2019 and provides an update on our Model Portfolio Service model

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Jul 22, 2019
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It was an unusual quarter for asset class returns, with both higher risk and safe haven assets rallying

Equity markets continued where they left off at the end of the first quarter led higher once more by growth stocks, in particular the technology sector, whilst healthcare companies struggled as Democratic US Presidential candidates took aim at the sector.

Portfolio positioning and market review

During the quarter we rebalanced the models predominantly in the equity space.  In the UK we sold out of the Merian UK Alpha fund, consolidating our UK managers down to three with proceeds added to Polar UK Value Opportunities and Trojan Income funds.  We also made a change to our specialist healthcare exposure, taking advantage of performance year to date from the Worldwide Healthcare investment trust and switching into the Polar Healthcare Opportunities fund. The fund successfully navigated the sell-off in Q4 last year and we have been monitoring it for some time. 

Outlook for the rest of the year and beyond

Despite data pointing towards a slowdown in the global economy, we do not expect a US recession this year or next.


Steven Rooke

Portfolio Director, Head of DFM Investment Strategy




This article is issued by Cazenove Capital which is part of the Schroder Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested. This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. All data contained within this document is sourced from Cazenove Capital unless otherwise stated.

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Cazenove Capital

Cazenove Capital is the wealth management arm of Schroders in the UK and Channel Islands, providing investment management services to private clients, intermediaries and charities. The company’s strength is founded on the lasting relationships built with advisers and their clients, combined with access to the global expertise of the Schroders group. The DFM team has worked closely with financial advisers for 17 years meeting their individual requirements and supporting them in providing discretionary fund management to their clients.

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