contents
Gary Corcoran Editor
T +44 (0)20 7065 7566
E gary.corcoran@lastwordmedia.com
Gary Shepherd Deputy editor
T +44 (0)20 7065 7569
E gary.shepherd@lastwordmedia.com
Simon Danaher Senior online
reporter
T +44 (0)20 7065 7577
E simon.danaher@lastwordmedia.com
Stephen Grasso Head of
production
T +44 (0)20 7065 7571
E stephen.grasso@lastwordmedia.com
Dean Andrews Production editor
T +44 (0)20 7065 7570
E dean.andrews@lastwordmedia.com
Dylan Emery Editorial director
T +44 (0)20 7065 7565
E dylan.emery@lastwordmedia.com
Daniel Gilmore Head of sales
and events
T +44 (0)20 7065 7575
E daniel.gilmore@lastwordmedia.com
Emily Proctor Head of event
operations
T +44 (0)20 7065 7561
E emily.proctor@lastwordmedia.com
Jamie Hinchliffe Publishing director
T +44 (0)20 7065 7572
E jamie.hinchliffe@lastwordmedia.com
Rod Boulogne Managing director
T +44 (0)20 7065 7560
E rod.boulogne@lastwordmedia.com
www.portfolio-adviser.com
SUBSCRIPTIONS
e-mail
subscriptions@lastwordmedia.com
or go to www.portfolio-adviser.com
PUBLISHER
Last Word Media (UK) Ltd,
4th Floor, 120 Moorgate,
London EC2M 6SS, UK.
F +44 (0)20 7405 0682
PRINTING
Ian Allan Printing Ltd, Hersham, Surrey
KT12 4RG Tel +44 (0)1932 266 600
Round up
7-12
News and views
A summary of all the news of the
past month including fund launches,
manager moves and manager
comment on hot investment topics
14
Counterpoint
Royal London Asset Management’s
economist, Ian Kernohan, gives his
opinion on sterling, saying that he
feels it will move higher against
the euro as 2010 progresses. He
also describes low sterling as “an
important economic safety valve”
for the UK, pointing to Greece and
Ireland not being able to enjoy such a
luxury to help manage their way out of
current difficulties
14-15
Economic summary
With the vast amount of economic
data and analysis being created every
day, it is sometimes useful to step
back and survey the whole situation.
The PA Economic Summary gives
a snapshot of all the major macro
news coming out of the biggest
markets in the world
16-18
Event round-up
The Portfolio Adviser Emerging
Markets Forum brought seven
emerging market specialist fund
managers together with a group
of expert wealth managers. They
discussed the positive macros that
indicate the emerging market story is
a long-term one
Profiles/Analysis
21-27
Special report: Real
assets as inflation hedge
According to consensus, inflation
is not an immediate concern even
though the rate has climbed quickly,
from under 2% in November to
3.5% in January. Yet for investors it
is a huge concern now so portfolio
managers need to consider how they
can manage this view
29-31
Viewpoint: Asset
manager consolidation
M&A activity is starting to reappear
and the case for greater consolidation
in the asset management industry
is a strong one. This is both for the
fund houses themselves, with some
already being swallowed up by
others, as well as in a reduction of
the volume of funds available
33-36
Manager profile:
Anthony Bolton
Fidelity’s Anthony Bolton has dusted
down his fund management guide
book (that he wrote) and is about
to jet off to Hong Kong to set up
and manage his new China Special
Situations Fund. In an interview
exclusively with Portfolio Adviser,
he happily gave his reasons why he
wants to come out of retirement, how
he intends to work with some of the
challenges his new environment will
throw at him, as well as how he plans
to choose his successor
Portfolio Builder
40-41
The PA Manager
Sentiment Survey
Every month, Skandia asks 25 of
the biggest fund managers what
their 12-month outlook is on the
most popular sectors. From that we
have created a unique database that
tracks the ongoing changes in the
consensus of the industry, mapping
a forward-looking 12-month view
against current index performance
43-46
Fund selector:
Thematic funds
Whether they realise it or not, most
investors are thematic investors, with
the theme of the moment being the
changing demographics in the East.
Questions for investors to ask revolve
around how to play this theme, and
whether the funds that performed
well in the past will continue to do
so. Charles Stanley’s Ross Brookes
gives his opinion on some of newest,
biggest and best thematic funds
48-50
Asset allocator: Insight
Investment
Mike Pinggera is a thematic investor
and is able to keep the essence
of the theme he wants to play
through his target return funds
while eliminating equity market risk
wherever possible at the same time.
As he explains, it is not the equity he
is after, but the theme
Index Investing
53-56
Exchange-traded
products
There has been an explosion in
the number of exchange-traded
products in recent years, with the
original mutual fund structure now
being joined by other formats. The
further away from the traditional ETF
structure, the less simple, cheap and
transparent they become. As a result,
there is a call for recategorisation.
Alan Miller of Spencer-Churchill
Miller Private argues there needs to
be greater investor education first
4 PORTFOLIO ADVISER [www.portfolio-adviser.com] MARCH 2010
To view a Ceros magazine you need to have JavaScript enabled in your browser and have the flash player 8 or higher installed. To install the latest flash player, click the icon above, install the flash plugin and then click here to refresh this page.