Busy couple of weeks on results front
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Hi O,
It's not stagnation more consolidation. Look where we have come from.
22/April to 22 July > 40% rally in Tech/Growth
22 July to 222 August has been flat.The rally isn't typical however the pause is. Many reasons for it.
Market awaits new information
The buyers that pushed prices higher step back
Stock holders take profit
We have given back 2-3% on the FX rateThe usual psychologies weigh on our minds as rapid gains prevail it's too easy to expect them daily/weekly. It doesn't work like that. There is also (still) a lot of DT noise we have to wade through.
Cheers
Adam
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Exchange rate, usd weaker v gbp by 0.8% on expected rate cut following Jackson Hole commentary
@dingg said in Busy couple of weeks on results front:
Exchange rate, usd weaker v gbp by 0.8% on expected rate cut following Jackson Hole commentary
Also, I believe (I'm sure I'll be corrected if wrong) that the daily update of values we see is not from close of US markets, but some time before that, so if they rose, or fell, later in the session we may not see that next day?
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All prices are taken after the US close. FX is taken at 23.30GMT. With trackers(Global) some of their holdings are on exchanges which have not closed/opened at that time so these specific holdings will not be that days close.
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Hi Ron, There isn't a snap shot take at 3pm UK. I think it's all taken 23.30 GMT(for us) and by doing so it captures the UK close and the US close. The broker-dealer probably does take prices before then as they will supply data to many other asset managers and some of them may report(they do) at 10.30pm uk time (t0) particularly if they have a large exposure to UK stocks.
I hope this helps
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"think" ?
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3pm(UK) is 'around' the time that the days buying and selling is conducted.
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UK financial markets are under severe pressure as gilt yields surge and sterling tumbles. As of today, 2 September 2025, the 30-year UK gilt yield has risen to 5.69%, its highest level since 1998. This is up from 5.27% on 24 June, when the Labour government took office, marking a 42 basis point increase. The sharp rise reflects deep investor concern over the government’s fiscal management, with fears that borrowing and long-dated debt issuance could escalate. Sterling has fallen over 1% against the US dollar, highlighting eroding confidence in the UK economy. Inflation remains sticky, public finances are under strain, and tax rises are now widely expected — a move that is likely to weigh on businesses and investment. Many are questioning Chancellor Rachel Reeves’ handling of the economy, with some speculating she could be replaced if conditions continue to deteriorate. Political and economic uncertainty are driving yields higher and market sentiment lower.
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Problem is thou …..none of her potential replacements seem to have a grasp on basic economics
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I think the issues are-and im staying apolitical
Trust gap: The rhetorical wriggling reinforces the idea Labour says one thing, does another. I recall the first budget was a big shock, given the promises made not to and then another promise 'not to ever repeat it'. And it would seem the chancellor is leaking her ideas to see the reaction in advance. A novel way of formulating policy.
Economic credibility vs political honesty: Reeves is trying to be “fiscally serious” for the markets, while telling the public it won’t hurt them. The problem is, ordinary voters feel the hurt in their rent, bills, and taxes—so the words ring hollow. And I suspect there might be a shortage of broad shoulders after November.
Long tail risk: If the perception hardens that Labour is “mealy-mouthed,” it can lose the moral high ground it’s been trading on since Johnson/Truss era Tory chaos. Anyone recall the recent 'tweet' about lowering bus fares for families, when in fact the fare went up.
I think it's fair to say, the public is tired of hearing the government pat themselves on the back when it is clear the economy is faltering -inflation is sticky, growth evades us and interest rates are high. I'm surprised the BOE lowered rates (political?)
It is one thing to raise capital for investment. It's another to raise income to spend it on 'stuff' and it would appear this government has no intention of reigning in spending of any kind.
And then you have the Minister for Housing, who has gone on record before, calling out legal avoidance and how wrong it is, only to do the exact same thing. Regardless of your political colours this is poor. I'm sure she did something previously to mitigate GCT on her cheap council flat-the flat she bought under a scheme she then withdrew. Or is it tax everyone with money just as long as it's not me.
The issue with the UK is low productivity, particularly in the public sector
The bottom line is, higher costs are exactly the same as taxes so high inflation, higher interest rates, higher business costs, landlords, property, you name it are ALL taxes on working people.
That's my brief take-all while staying agnostic of course
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The tories are just as bad
Miss appropriation of funds for ppe
Eat out to help out
Covid furlough bollocks
Boris
Unable to follow their own laws during covid
J rees mogg
Chancellors dodging taxNot to forget Liz Truss and Kwazi Kwarteng
The whole lot are a shitshow
Best keep politics for another place
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Ron and anyone else-you are free to discuss politics if you wish. After all, it has an outsized impact on your investments. Some warranted and perhaps even more that is not and why we have a non UK tilt for the present period and have done for some time.
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Interesting to see AI agents gaining traction, and why not. It's obvious we are on the cusp of a pervasive AI based customer support roll out. Calling a bank, utility or telco fills most customers with dread. I can see interactions in the near future being via an App and verbal, not necessarily initiated by a phone call.
Think about a machine that will know a lot more about your use case and the services offered-far more than any human can.
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Bit of a leap in the old Retirement funds this morning!
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I was waiting in anticipation for this morning….very happy !!!!
As the guys have said …Top job from the team -
Very happy with how my tech fund is going, onwards and upwards hopefully.
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Hi Jason,
A few others have also done well. Added what is a good return YTD should take into account the general back drop of the wider market(s). There is still a lot of red out there this year. Lifestyle is about +12%. Yes Tech is doing very well. I don't focus on outperforming other tech portfolios but it has. And whilst past performance is no indication of future returns.....ARK Innovation is the only product that has done better this year. And ARK has lost 80% of its value in some years. Nothing in the UK/Europe that I can see has achieved better returns over time so we are very pleased by that stat.