May was another positive, albeit increasingly volatile, month for UK equities. Dollar strength is becoming an increasingly important feature of the market backdrop, in response to the deteriorating global liquidity conditions. This is playing out most aggressively in emerging markets thus far and political events in Italy have brought the eurozone’s frailties back to the forefront of investors’ minds…
Following the trial failure announcement from Prothena, today marks the release of the Woodford Patient Capital Trust annual report for 2017. Neil’s review reflects yesterday’s news but as you will read, it should not detract from the progress being demonstrated across much of the rest of the portfolio. The full annual report can also be
March represented another volatile month for global stock markets, with rising concern about the prospect of a trade war between the US and China, appearing to spook the complacent market consensus.
It has been a challenging start to the year for the funds and for markets more broadly. In January, we saw a continuation of the themes that have driven markets for much of the last two years now, with momentum firmly in the driving seat as far as share price behaviour was concerned.
We anticipate a very different investment environment to prevail in the year ahead, as macroeconomic conditions increasingly challenge the view of the world that is reflected in financial market valuations.
The UK stock market finished the year strongly, following much the same pattern as for 2017 as a whole, with a narrow set of stocks, perceived as beneficiaries of accelerating global growth leading the index higher.