Investment Newsletter - December 2013

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Investment Newsletter December 2013

Jingle all the Way By Mike Deverell Investment Manager

As Christmas approaches it’s traditional to look back on the year that’s gone, and look forward to the year ahead. 2013 has been a great year for stock-markets. The FTSE 100 closed 2012 at 5,897, before climbing as high as 6,840 on 22 May 2013. Whilst the index subsequently slipped back and now stands at around 6,540 as I write (11 December AM), this is not really representative of equities as a whole. For example, the S&P 500 in the US has continued to reach new record highs and stood at 1,802 at close on 10 December, having ended last year at 1,426. Japanese equities continue to shine and, in the UK, smaller companies shares have continued to grow even as the blue chip FTSE stumbles. We took a decision to tactically reduce large cap UK stocks in favour of smaller cap stocks earlier in the year,

and this has paid off well. The chart on the following page shows our two UK active portfolios against the FTSE All Share over the 12 months to 11 December:

Equilibrium Asset Management LLP (a limited liability partnership) is authorised and regulated by the Financial Conduct Authority. Equilibrium Asset Management is entered on the Financial Services Register under reference 452261. The FCA regulates advice which we provide on investment and insurance business; however it does not regulate advice which we provide purely in respect of taxation matters. Copyright Equilibrium Asset Management LLP. Not to be reproduced without permission


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