Caspar Rock: 2019 second quarter update
After a period of strong market performance, "few assets could be described as cheap". Looking ahead, US-China trade conflict remains a key risk
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- 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
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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