Autumn 2016

Whilst political risk remains ever present on the front pages of the newspapers, markets continue to climb the ‘wall of worry’ helped by abundant global liquidity. For sterling investors this has been greatly enhanced by the translation effect of a weak currency on overseas assets and the overseas earnings of UK listed companies. Whether fears of a ‘hard Brexit’, a new President with control of Congress or various European elections cause a sustained reversal is a matter of debate. My sense is that we should be watching for signs of tightening liquidity, whether due to higher interest rates or dollar strength against global currencies (not just sterling). Our portfolio views given this nuanced outlook are set out briefly in our market update overleaf, but will also be a subject for the current round of client meetings and our annual Charity Forum at the IET on 17th November.

This edition of our newsletter also highlights the recent release of ACF’s report on Giving Trends and Kate Rogers’ success in championing a new structure for pooled Charity funds in her role as Chair of the Charity Investors Group.

We look forward to seeing many of you over the next few months to discuss these issues
in person.

Feature article

Giving Trends

Charity Authorised Investment Funds - Bringing improved regolatory oversight and a reduction in cost to charity investment funds

Market Update

October Market Update


The Race for Growth

Other news

  • Naman Mahfooz passed unit two, UK Financial Regulation, of the CISI Investment Operations Certificate.
  • Caroline Hooft-Graafland passed level two of the Chartered Financial Analyst qualification
  • Emilie Coxwell-Matthewman passed unit two, Portfolio Construction, of the CISI Chartered Wealth Manager qualification
  • Joanna Dunn became a trustee of the Heritage Crafts Association, a charity dedicated to supporting and advocating traditional heritage crafts to ensure their sustainability in the future.
  • Kate Rogers recently organised a fundraising lunch in partnership with the Hands Up Foundation to raise money for Syria. By feeding 200 people delicious Syrian dishes prepared by London-based chefs, the charity will be able to feed 1000 people in Syria for a month.

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Joanna Dunn

Tel: 020 7658 3104  

The opinions contained herein are those of the author and do not necessarily represent the house view. This document is intended to be for information purposes only. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Cazenove Capital does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. This does not exclude or restrict any duty or liability that Cazenove Capital has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. Cazenove Capital is part of the Schroder Group and a trading name of Schroder & Co. Registered Office at 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For your security, communications may be taped and monitored. 

Contact Cazenove Charities

Achieving your charity's investment objectives takes time and thought. To find out how we can help you please contact:

James Brennan

James Brennan

Portfolio Director