All News Articles | MitonOptimal Portfolio Management (CI) Limited

2014 is now upon us and already furious debate rages over the “fragile five” and the effects of reduced global liquidity on the emerging markets. In this latest quarterly newsletter, we also evaluate the “New New Normal” and interest rate normalisation effects on the developing world, particularly South Africa. We have our regular International and Domestic (South Africa) Asset [Read More]

Miton Asset Management multi-manager Martin Gray says he to keep a large weighting in cash as he admits he is “struggling” to find good value in the market. Gray, who is holding 25.50 per cent of the £870m Miton Special Situations Portfolio in cash, says: “We are struggling to find value out there in anything. With all this new money coming into the market it is easy to see asset prices [Read More]

Background Investors are facing unprecedented volatility within fixed rate and inflation- linked bonds (“ILB”) lately. Since the U.S. Federal Reserve (“Fed”) Chairman provided guidance that they may ‘taper’ the pace of US Bond purchases in May 2013, bond markets across the world experienced price depreciation as US 10 year Treasury yields spiked up from 1.65% to the current 2.75%. [Read More]

[caption id="attachment_4568" align="alignright" width="300"] Five Years of Hard Work by the Federal Reserve[/caption] We can thank the Federal Reserve (“Fed”) Chairman, Ben Bernanke, and his comments on tapering of quantitative easing for the ongoing volatility in capital markets. In May 2013 he hinted that the US$ 85 million per month bond purchase will be reduced aseconomic recovery in [Read More]

Presenter: I’m joined now by Martin Gray, fund manager at Miton. Martin, Ben Bernanke’s been talking about slowing up on QE, what’s your take on it? Martin Gray: I think the whole quantitative easing thing I struggled to understand when it was… http://www.asset.tv/video/market-update-cf-miton-special-situations-strategic-portfolios   [Read More]

In the EU President José Manuel Barroso’s annual state of the union address this week in Strasbourg, he warned that political instability was now the biggest threat to Europe’s fitful recovery from the three-year-old Eurozone crisis. He stated that governments are still at risk of punishment from the financial markets if they veer from the economic reforms recommended by Brussels. Whilst [Read More]

For those of you who are sick of hearing about taper on – taper off, I thought I would add a new saying into the mix , namely that of ‘war on – war off’. Markets have seemingly become very nervous over war chatter on top of the tapering chatter, but in the very short term it appears that any news on whether the U.S. plans to launch missiles at Syria has the upper hand, with [Read More]

[caption id="attachment_4502" align="alignright" width="300"] [Source: The Economist July 27, 2013 - www.economist.com - Artist David Parkins][/caption]It is not the Great Rotation, the Great War, the Great Depression, the Great Gatsby, Great Expectations or From Good to Great, but The Great Deceleration. This was the title of a recent Economist cover article in which it concluded that emerging [Read More]

During the week we saw the rand hit its lowest level against the dollar in four years and for South Africans the tendency is to think “woe is me“, for clearly weakness is South Africa specific and we are once again being targeted by faceless currency speculators. There is some truth to those comments, but where we as South Africans miss the boat, is that current rand weakness is not South [Read More]

Last week’s analysis of US bond markets since 1948 leads us to conclude that US Government Bonds should not form part of any global portfolio in an unconstrained world. Advisors may ask: should we avoid bonds as an ingredient in a diversified portfolio for the next week, next 30 years or forever? Once again thanks to Paul Gambles of MBMG in Asia for providing this research piece by Craig L [Read More]

South Africa         |         Guernsey         |         Singapore         |         Isle of Man