Multi-Asset Fund Range Quarterly Update
Key takeaways
Energy is back in focus
Higher energy and commodity prices have renewed inflation concerns, although the team’s base case is that this remains primarily a near-term supply shock rather than the start of a broader wage-price spiral.Higher bond yields do not tell just one story
Rising long-term yields may reflect stronger expectations for economic growth and higher real interest rates, rather than simply fears about persistent inflation.AI continues to dominate, but opportunities are broadening
Technology and AI-related businesses continue to support headline equity markets, but valuations elsewhere have become more attractive, creating potential opportunities beyond the companies that have led the rally.The team remains selective on risk
With near-term recession risk considered relatively low, the portfolios remain modestly overweight equities, meaningfully underweight fixed income and overweight alternatives, including commodities and trend-following strategies.
In our latest Multi-Asset update, James Mee and Matt Parkinson reflect on a volatile third quarter, exploring the impact of higher energy prices, renewed inflationary pressures and rising bond yields on global markets. They also consider the resilience of the US economy, the continued influence of AI-related investment and why equity market performance has become increasingly concentrated.
They discuss how the W1M Waverton Multi-Asset Fund range performed during the quarter, some of the changes made across portfolios, and the thinking behind current positioning. Looking ahead, they explain why the team remains modestly overweight equities and alternatives while underweight fixed income, and where they are beginning to see new opportunities beyond the AI theme.
Glossary
Basis point: A unit used to describe changes in interest rates or bond yields. One basis point is equal to 0.01 percentage points, so 100 basis points equals one percentage point.
Bond yield: The return an investor can expect to receive from holding a bond. Bond yields generally move in the opposite direction to bond prices.
PMI (Purchasing Managers’ Index): An economic indicator based on surveys of businesses that provides an indication of whether economic activity is expanding or contracting.
Trend-following strategy: An investment strategy that seeks to identify and benefit from sustained movements in the prices of assets such as equities, bonds, currencies and commodities. The portfolios use trend-following strategies as part of their alternatives allocation.
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