IN FOCUS6-8 min read

CIO Outlook: Why it’s too soon to add to equities

Chief Investment Officer Caspar Rock explains what we need to see before turning more positive on shares and how to protect portfolios from inflation.



Caspar Rock
Chief Investment Officer

2022 has been a difficult year for investors, with few places to hide. Global equities fell 25% in the first nine months of the year while global bond markets declined 20% (both in USD terms).

Inflation has been the key theme of the year as it has become clear that rising prices are not simply a reflection of “transitory” factors. In response, central banks have signaled they will raise interest rates to levels that are likely to cause recessions in the US and other developed economies.

Our CIO shares his thoughts on what this means for markets in the fourth quarter and beyond.

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.



Caspar Rock
Chief Investment Officer


Economic views
Global economy
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In Focus

Cazenove Capital is a trading name of Schroders (C.I.) Ltd which is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 2020 and the Protection of Investors (Bailiwick of Guernsey) Law 2020, as amended in the conduct of banking and investment business. Registered address at Regency Court, Glategny Esplanade, St. Peter Port, Guernsey GY1 3UF, (No.24546) . Schroders (C.I.) Limited, Jersey Branch is regulated by the Jersey Financial Services Commission in the conduct of investment business. Registered address at 40 Esplanade, St. Helier, Jersey JE2 3QB, (No.31076).

The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.