Most investors believe that the greatest short-term impact - of fear of Brexit rather than Brexit itself - will be on sterling and consequently we have seen a big rise in short positions in our short-GBP ETFs. As we believe that Brexit is unlikely we see this as a buying opportunity for long-GBP.
Gold leads ytd precious metals inflows above US$1.5bn, as investor sentiment remains fragile. Oil outflows accelerated last week, as investors booked profits. Clear concern for the sustainability of the recent trend for higher oil prices is the driver and some investors are concerned that there will be limited further near-term gains
Over the past 60 years, portfolio management has significantly gained in complexity and sophistication with active funds such as the Yale endowment fund not always outperforming a passive index tracking strategy. Nowadays, it is possible to construct an equivalent strategy to the Yale model that is more transparent, more liquid, passively managed and cheaper to implement.