Latest News

“The avoidance of taxes is the only intellectual pursuit that still carries any reward” So said the economist John Maynard Keynes in 1944

Fund update

EXE Capital Investment Committee Monthly Update - October 2024

Founded in 1905, the TR Property Trust has focused solely on property since 1984. It is currently managed by Marcus Phayre-Mudge of Colombia Threadneedle and invests into the shares and securities of property companies and property related industries.

Good news for Investment Trusts

EXE Capital Investment Committee Monthly Update - September 2024

Thoughts from a fund manager on the reasons behind recent market volatility

Market outlook

Far from a summertime lull, July has provided a glut of news-flow for investors to digest.

UK shares have long been cheap against their peers. The UK market lacks the high-quality growth companies that abound in the US and recently we have seen many companies choose to list in New York in search of greater valuations.

Labour’s much anticipated election victory was greeted with zen-like serenity by the markets

In a shock twist the pollsters called the UK general election correctly.

Politics has been dominating the headlines over the past month.

An exciting new direction for Moderna

The latest 2024 UBS Global Family Office Report has just landed on my desk.

Let us first deal with the politics headlines with Rishi Sunak catching everyone on the hop in calling the UK General election for Thursday 4 July.

History of one of the current top performing Investment Trusts

Yesterday, our investment committee met with the very experienced Pietro Nicholls, manager of the RM Alternative Income Fund. “Alternatives” have crept into the lexicon of portfolios over recent years acting in most cases as bond proxies, that is, investments that have predictable returns. As such they are usually included in the fixed interest element of a typical 60/40 equity/bond portfolio.

The best determinant of future investment returns is starting valuations. This doesn’t mean to say that every cheap stock one buys will do well, nor that an expensive one won’t continue to soar in value, there is plenty of evidence for both.

Well run insurance companies are compounding machines", Warren Buffett, Berkshire Hathaway

Most asset classes generated positive returns in March as the first quarter of 2024 finished with investors in optimistic moods.

Investing when the average investment trust discount is more than 10% may lead to significantly better returns over the subsequent five years, according to new research from the AIC.

It is always nice starting with the positives so let’s head to Japan where the Nikkei has hit at all time high.

Has 2024 started with a bang or a whimper? The answer is debatable.

2023 ended on a positive note for investors, with increasing confidence that we have reached the peak in the current interest rate cycle. US, UK, European and Japanese Central banks all kept rates on hold in December and consensus is now firmly pointing towards material interest rate cuts in 2024.

Your questions about 2024 answered

Fairview Monthly Update December 2023

This week’s Autumn Statement was the largest discretionary fiscal loosening (outside of the Covid period) since 2010.

Globalisation was the key driver of economic and financial relationships into one shaped by geopolitics.

Today's average discount across listed funds of 13pc disguises are much higher figures in certain sectors