Fidelity UK special situations fund manager Anthony Bolton believes that another stockmarket correction is on the way because global markets may have recovered too quickly from the last downturn.Speaking at the Fidelity Investment Forum in London last week, Bolton said he did not know when the correction would come but said his outlook was not as strong as in March before the last correction. Bolton said global energy company BG Group had been the biggest single contributor to the special sits fund, adding £107m for the year to July 31. He said property firm British Land had been the second-best performer, contributing £85m, while pharmaceutical firm Roche had added £56m. Hong Kong Stock Exchange and Clearing contributed £14m in the last year although Bolton admitted that he had sold out of the stock too early in its run. Bolton will run Fidelity UK special situations until the end of next year when he will step down to become a mentor to young fund managers and analysts at the group. He said: “My view today is that trading is not as strong as in March. My cautious view then was down to sentiment as I could not find lots of ideas to buy.” “Now, although we have had the correction, I think markets have recovered very quickly and investors are still too prepared to take on risk. I believe another correction will come but I do not know when.”
Network Data has more than tripled profits for the first half of this year to £880,000 from £268,000 in the same period last year.
Keydata sales director Mark Owen has dismissed research by IFA AWD Chase De Vere which criticised the group’s income property bond. AWD research manager Justine Fearns said Keydata’s six-year residential bond might struggle to find suitable investments to renovate in time to establish sufficient stable revenue streams from the US residential properties it is targeting. […]
Openwork Holdings Limited has announced the appointment of Martin Davis to its board.The holding company for multi-tie network Openwork has hired Davis, currently Zurich International life business chief executive.Prior to joining Zurich, Davis was commercial director at Sesame. He holds an MBA from London City Business School and spent five years in the Special Forces. […]
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By Chris Taylor, Head of Japanese Equities at Neptune Abenomics is not working; Japan is almost back in recession; Abe’s 3rd arrow of structural reform has missed. These are increasingly popular assessments of Japan but are all a severe misdiagnosis, argues Chris Taylor, manager of the Neptune Japan Opportunities Fund Click here to read more […]
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