Snapshot

Caspar Rock: 2019 second quarter update


  • The Federal Reserve’s supportive stance in the second quarter continued a trend established earlier this year
  • Equities and (more recently) government bonds and gold performed strongly: there are now few assets that could be described as “cheap”
  • We expect slowing but positive growth and low inflation through the second half of the year
  • US-China trade tensions and higher-than-expected inflation are key risks
  • We remain neutral on equities and underweight fixed interest. We are overweight alternatives and cash and recently increased our allocation to gold 

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