“After a torrid December, we’re now at extremes of negativity”
2018 was one of only three years in the last 80 where both shares and bonds under performed cash, says Caspar Rock - as he looks ahead to 2019

Markets are alive to negative newsflow, and after steep falls in the latter months of 2018 equities are in general cheap by historic measures.
Growth is slowing - but a recession is unlikely. In this video Cazenove Capital’s Chief Investment Officer Caspar Rock talks through the four factors that underpin our investment process: the economic backdrop, valuations, sentiment and risk.
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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