contents
Gary Corcoran Editor
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Contributors Helen Burggraf,
Rob Griffin, Neal Underwood
Dean Andrews Head of magazine
and web production
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Katherine Rake Sub editor
Dylan Emery Editorial director
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Daniel Gilmore Head of sales
and events
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Emily Proctor Events manager
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Jamie Hinchliffe Publishing director
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Rod Boulogne Managing director
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Round up
7-11
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
12
Counterpoint
As Charles Stanley’s head of private
clients, Elissa Bayer is witness to the
affects the financial crisis is having
on individual investors. She does see
a positive outcome though admits
there is a lot of hard work to do first
12-13
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
Special Report
15-16
PA Emerging Market
Forum 2008
The first Portfolio Adviser Breakfast
Forum saw four emerging-market
experts give their opinions on the
current opportunities and problems
and how to invest around them
Profiles/Analysis
20-21
Manager profile:
John Pattullo
As the manager of close to £1bn of
fixed income assets, John Pattullo is
a frustrated equity manager, jealous
of the liquidity that the stock markets
usually show. But at the same time,
he is revelling in the attention being
paid to bonds and can rely on ten
years’ experience to asset allocate his
way through the current crisis
22-23
Viewpoint:
Investments of passion
Wine, art and similar ‘passion’
investments are often seen as
valuable because of their lack of
correlation to equity markets. But
how uncorrelated are they really?
Helen Burggraf looks at whether
there is a link between their
performance and mainstream asset
classes, and whether the financial
malaise means investors cannot
afford to buy anything right now
24-25
Investment strategies:
Commodities
Commodity funds are not alone
in having taken a real battering over
the past few months as oil and other
energy prices start to fall (or correct,
depending on who you believe).
Rob Griffin looks at the impact of
the short-term falls on the long-term
future for commodity investment, in
particular how to access the theme,
be it through a unit trust, a structured
product or an exchange-traded fund
4 PORTFOLIO ADVISER [www.portfolio-adviser.com] DEcEmbER 2008
Portfolio Builder
30-31
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
32-33
Asset allocator:
BDO Stoy Hayward
Investment Management
Shaun Port is the chief investment
officer at BDO Stoy Hayward IM,
the UK investment management
arm of one of the world’s largest
accountancy firms. He explains
his firm’s asset allocation process,
which starts with a specifically
designed in-house model. While
throwing up the most attractively
valued assets, he concludes they
may not necessarily make the
most attractive investment
34-36
Fund selector: Asia
Pacific ex Japan Funds
Justin Oliver, co-manager of Collins
Stewart SelectFunds, gives his
opinion on which funds the canny
investor should be considering for
exposure to Asia Pacific ex Japan.
He says new investors will probably
be wondering what they have let
themselves in for and thinks the
region will probably lag behind when
the global rebound kicks in. He is a
strong supporter of Asian specialists
such as First State and Aberdeen
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