Marlborough
Market insights and commentary from Marlborough.
United Kingdom5 articlesLast published 1 Jun 2024
Multi-AssetEquities
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MarlboroughMulti-Asset
Budget 2024: Update from our investment team
Marlborough's CIO Sheldon MacDonald, alongside Global Bond Fund Manager James Athey and Personal Portfolio Manager Edward Kennedy, discuss the implications of Chancellor Rachel Reeves' 2024 UK Budget in a special podcast episode. The conversation covers key budget measures and their potential impact on financial markets and portfolios.
1 Jun 2024
MarlboroughEquities
Budget 2024: What it means for UK smaller companies
Marlborough's CIO Sheldon MacDonald and fund co-manager Eustace Santa Barbara respond to the UK Autumn Budget 2024, which reduced AIM share Inheritance Tax relief from 100% to 50% rather than scrapping it entirely. Both managers argue the resulting clarity removes a key overhang on UK small and micro-cap equities, and that falling interest rates and persistent valuation discounts present a compelling long-term opportunity.
1 Jun 2024
MarlboroughEquities
Artificial intelligence is just one exciting area of innovation
Guy Feld, manager of the Marlborough Global Innovation fund, argues that innovation extends well beyond AI into areas such as water conservation, molecular diagnostics, cybersecurity, and energy transition, and that the fund's broad-based thematic approach captures these opportunities. The piece highlights current small- and mid-cap valuation discounts as a long-term entry point, with detailed commentary on three holdings - IQE, NCC Group, and Kin & Carta.
MarlboroughFixed Income
James Athey: The certainty of uncertainty
Marlborough bond team co-manager James Athey argues that heightened macroeconomic uncertainty is not a reason to avoid bond markets, but rather creates opportunity given elevated yields and the potential for both income and capital appreciation. He contrasts the relative attractiveness of bonds versus equities, noting that stretched equity valuations offer little margin for error while bonds provide a compelling diversification case.
MarlboroughFixed Income
Bonds: why we believe the time is now
Marlborough Global Bond Fund co-manager Niall McDermott argues that the post-pandemic yield repricing has significantly improved the risk/return profile for core fixed income, with income cushions now sufficient to absorb potential capital losses. He contends that with inflation cooling and central banks pivoting toward rate cuts, return outcomes are positively skewed for bond investors whether or not a recession materialises.