contents
Gary Corcoran Editor
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Gary Shepherd Deputy editor
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Neal Underwood Contributor
Stephen Grasso Head of
production
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Dean Andrews Production editor
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Dylan Emery Editorial director
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Daniel Gilmore Head of sales
and events
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Emily Proctor Head of event
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Jamie Hinchliffe Publishing director
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Rod Boulogne Managing director
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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
The relative weakness of the dollar
has been a source of strength for
commodities, helping to fuel the
equity rally since March. Keith Wade,
Schroders’ chief economist, argues
that dollar strength could be triggered
by China revaluing its currency
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
Profiles/Analysis
17-19
Investment strategies:
Geographical allocation
The theme of this issue is very
much the consensus of opinion
and investor reliance on emerging
markets. Gary Shepherd asks if this
is in fact blurring the traditional
approach to regional or countryspecific
allocation
20-21
Viewpoint: Tactical asset
allocation
The large institutional endowment
schemes in the US run by
universities such as Yale and Harvard
have long relied on a static, longterm
asset allocation approach. Some
are arguing that this view is now
flawed given the events of the past
year. Neal Underwood asks whether
this model is still valid in the 2010s
or whether a more tactical approach
is now needed
22-23
Manager profile:
David Jane
David Jane is a rarity in the asset
management industry. He not
only manages multi-asset funds
but he also runs the M&G equity
team who between them look after
mandates across regions, countries
and themes. He has a very simple,
straightforward view of the investment
world, with a particular view that
investors are getting carried away
with the Asia-centric angle on almost
everything. His simple question is
does an investor believe the global
economy will grow? Gary Corcoran
finds out the answer
Portfolio Builder
26-27
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
29-31
Fund selector: Property
funds
Property is starting to come back to
investors’ ‘watch’ lists as they look to
potential hedges to inflation. Unless
they get the liquidity call right, they
may all be collectively suffering from
amnesia given the degree of the late-
2000s property crash. OPM Fund
Management’s Tony Yousefian here
analyses some of the current property
funds on offer
32-33
Asset allocator: John
Redwood
In his role as chairman of Evercore
Pan-Asset, John Redwood MP is
able to satisfy his judgement that
passive funds, particularly ETFs, are
a better option than active funds.
He discusses with Gary Shepherd
how he matches the asset allocation
decisions with low-cost, transparent,
liquid funds
Index Investing
35-37
Passive and active
portfolio
If the debate is about using one or
the other, there is unlikely to be any
agreement if the subject is the use of
active or passive funds. At worst, they
keep each other honest over pricing
and at best they can be combined to
provide the most profitable outcome
from both worlds. Seven Investment
Management is one organisation that
combines both fund types across all
asset classes in a range of portfolios
4 PORTFOLIO ADVISER [www.portfolio-adviser.com] JANUARY 2010
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