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Hawksmoor scales down EM exposure

The multi-manager team at Hawksmoor is diversifying its Vanbrugh fund away from mainstream emerging market debt and equity funds because it expects returns to be muted compared to the past two years.

The company is focusing on relatively cheap frontier markets and funds that will benefit from the appreciation in emerging market currencies.

The firm says low interest rates and quantitative easing used in the US and Europe to aid economic recovery and combat deflation are causing price rises in emerging markets and commodities. But some emerging market countries are already finding it hard to contain wage inflation and China is raising interest rates steadily to restrain prices.

Hawksmoor says rising interest rates can push back asset prices and that disappointing growth in emerging markets would also undermine commodities. It does not believe in avoiding emerging markets and commodities completely but is mindful that other areas have the potential to lead equity markets, such as multinational healthcare and environmental companies.

Chief investment officer Richard Scott says: “While wary of the valuations of some mainstream emerging markets, we are accessing exposure to their economic growth more cheaply than rated frontier markets and funds run with a value approach.”



Altmann: Government should bring back index-linked certificates

The Government should bring back inflation-linked certificates to protect pensioners from the effects of inflation, according to Saga pensions analyst Ros Altmann. Pensions minister Steve Webb faced questions today in Parliament over what actions the Department of Work and Pensions is taking to help pensioners meet the increased living costs after the rise in VAT. […]

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JPM wages price war on low-cost funds

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Tony Greenham

Thinktank says TSC probe on banking lacks diversity

The Treasury select committee’s inquiry into competition and choice in the banking sector is too focused on middle-class consumers, according to thinktank New Economics Foundation. Speaking to Money Marketing, NEF head of finance and business Tony Greenham says he is concerned that the inquiry does not address the needs of lower-earners. He says: “The terms […]


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