Caspar Rock: 2019 third quarter update

  • The current economic picture is one of slowing growth, but we do not anticipate a recession.
  • No assets can currently be described as "outstandingly cheap". We are closely watching for changes in earnings and margins.
  • Sentiment is far from exuberant: investor behaviour is predominantly defensive, with cash levels higher than average.
  • Risks ahead include ongoing US-China trade disputes and, in the UK, Brexit outcomes.
  • Our positioning continues to be neutral on equities and underweight fixed interest. "We are prepared to be agile if circumstances change. This is a quarter in which we need to be on our toes."

Issued in the Channel Islands by Cazenove Capital which is part of the Schroders Group and is a trading name of Schroders (C.I.) Limited, licensed and regulated by the Guernsey Financial Services Commission for banking and investment business; and regulated by the Jersey Financial Services Commission. 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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