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McDonald takes a macro view

Cazenove co-head of multi-manager Robin McDonald believes the current market benefits managers with overall market views rather than asset or geographical specialists.

McDonald says in a difficult environment like this, all assets are to an extent correlated with each other, making it difficult to focus on a particular area.

He says: “To have a view on equities exclusively, without having a look at what is going on in bonds, currency, prop- erty and commodity markets, will mean you miss the big picture and the last year or so has been a big picture market.”

He says managers have had to be on top of the macro backdrop and understand what the key drivers have been.

McDonald says: “At various points, it has been a number of things but it has been the macro view that has largely driven capital markets.”

Hargreaves Lansdown inv- estment manager Ben Yearsley says: “I am not disagreeing with the view but I think that provided you have a team leader that provides that overall view, then the rest of the team can focus on those specialist areas without any detriment to performance.”


Schroders chief urges patience

Schroders head of UK equities Richard Buxton says there are plenty of opportunities in the market for UK investors provided that they stay patient.

Firms wait for ECJ ruling on Heyday

UK companies could stop offering insurance benefits to employees if the European Court of Justice rules in favour of the Heyday case, warns Ron Wheatcroft.


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