There are 149 item(s) tagged with the keyword "Royal London Asset Management".
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Political uncertainty is always present. But there seems to be a ratcheting up at present. In the US we await the implication of President Trump v2. Often the sequel is a let down but this one looks likely to match the original – in terms of impact.
“The more I practice the luckier I get”, is the famous adage attributed to Gary Player, a leading golfer of the 1970s and 1980s. In essence, he is right. Dedication and hard work are important building blocks of success and what could be seen as chance is, in reality, the results of painstaking effort. Yet success is a curious mixture – inspiration, perspiration, and indeed luck.
Last week saw the UK energy price cap raised for households, coming into effect in January. Consumers may not feel it – but we are lucky. Industry has no such protection and, as a consequence, we face the highest cost for electricity amongst our peer group. Looking at the latest government statistics, the UK is a clear outlier with only Slovakia approaching our levels. Relative to a median price derived by the International Energy Agency, the UK industrial electricity prices were 54% higher than the average in 2023.
UK Budget speculation continued to bubble away last week, with increased focus on employers’ National Insurance and Inheritance Tax.
It has not been a good week for UK infrastructure. EDF’s Hinkley Point nuclear plant needs more money, a middle eastern investor has written off its equity stake in Thames Water and the HS2 saga continues to astound.
The US economy continues to confound the sceptics. Last week’s employment data showed upside surprises across the board.
US exceptionalism is a phrased used to explain why the US is different from other economies. The dynamism, reflected in growth rates, innovation, trend setting, music, cinema etc sets the US apart.
Having returned from a short cycling holiday in Dorset I can confirm that the countryside is beautiful and lush – probably due to the high incidence of rain in September, if my experience is typical.
The idea of operational gearing is one which is reasonably well understood, but powerful, nonetheless. Incremental changes in sales once you have covered a business’s fixed costs drop through to profits dramatically. It is however very much a double-edged sword – if sales fall and the cost base doesn’t then you see any sales reduction magnified in its impact on a company’s profitability.
The size of global fixed income is frightening, even larger than global equity markets. This poses significant challenges for asset managers that offer global strategies.
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