contents
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Dean Andrews Production editor
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Round up
7-11
News analysis
A summary of all the news of the
past month including fund launches,
manager moves and manager
comment on hot investment topics
12
Counterpoint
The widely held belief last year
was that the end of the dollar as the
world’s reserve currency was upon
us as investors avoided exposure to
the greenback. CrossBorder Capital’s
Michael Howell argues that such talk
is premature and that the world is
unlikely to see a dollar shortage for
decades to come
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
14-16
Event round-up
The latest Portfolio Adviser Expert
Investor Forum in London brought
together groups of leading fund and
wealth managers to debate a number
of topical investment issues, ranging
from the stock-picking opportunities
in UK equities to multi-asset hedging
strategies, via a number of different
income strategies
Profiles/Analysis
20-22
Investment strategies:
Asset class bubbles
Investors are just over a year through
the latest market rally, with all risk
assets on the up, but they are also
sceptical enough to be expecting the
next downturn to come sooner rather
than later. As well as asking whether
they are being overly pessimistic,
Gary Shepherd asks where these
asset class bubbles will appear from
25-26
Wealth manager profile:
Lee Robertson
Investment Quorum’s chief executive
Lee Robertson is able to mix running
a successful, City-based wealth
management practice with looking
after a number of high net worth
individual clients. He explains how
the two both benefit from the firm
being set up with a recurring feebased
structure based on a clientagreed
annual management charge
rather than commission payments
28-29
Viewpoint: Short selling/
stock lending
In the latest in a series of articles
investigating the role today of some
of those strategies blamed for the
financial crisis, Jessica Bown looks
at stock lending and short selling
practices to find out if they are still
looked down upon or whether, two
years after the event, they can play a
more robust role in a client portfolio
31-32
Manager profile:
Dennis Stattman
Dennis Stattman, manager of the
$14bn BlackRock Global Allocation
Fund, has been described as having
a pedigree that is unmatched among
his peers in the US. Gary Shepherd
finds out how he has managed to stay
ahead of a very competitive pack,
given he has not changed his style
or investment philosophy in the past
20 years. He finds Stattman takes the
biggest challenge of running a global
mandate head on through a multiasset,
multi-stock strategy
Portfolio Builder
36-37
The PA Manager
Sentiment Survey
Every month, Skandia asks 26 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
39-41
Fund selector: Asia
Pacific ex Japan
In terms of geographical allocation
in a client portfolio, Asia Pacific ex
Japan would – or should – probably
be the largest single holding. There
are a number of high quality managers
who can run large volumes of money
without necessarily foregoing on
returns. FundQuest’s Paul Kim looks
at the biggest, best and newest
among them, looking at their relative
performance in their peer group
4 PORTFOLIO ADVISER [www.portfolio-adviser.com] MAY 2010
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