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02 November 2016 Bonds Bamboozle Benchmarking

Cecil Graham: “What is a cynic? Lord Darlington: “A man who knows the price of everything, and the value of nothing.” Cecil Graham: “And a sentimentalist, my dear Darlington, is a man who sees an absurd value in everything and doesn’t know the market price of any single thing.” ― Oscar Wilde, Lady Windermere's Fan

Q3 2016 Private Client Portfolio Performance Review

Equity and bond markets rallied in July, fuelled by speculation that central banks would extend the supportive monetary policy post-Brexit, and a degree of positive correction after pre-Brexit nerves. Bond yields fell again, with the 10 year US Treasury note
reaching its lowest level ever. Sterling fell to new lows against the US Dollar and the Bank of England cut the interest rate by 0.25%. August saw a very narrow trading range on developed equity markets, but the Far East and Emerging markets enjoyed a
strong month. As the summer came to an end, global equity markets resumed their ascent to fresh highs as the U.S. Federal Reserve delayed an increase in short term interest rates, despite significant pressure to do so. There was also a surprise in oil
markets as OPEC proposed a cut in oil production, leading to a boost in the price of oil. Ongoing depreciation of Sterling sent equity markets towards new highs in Sterling terms and the companies of the FTSE 100 felt a tailwind on their international earnings. Smaller companies also benefited as investors hunted for yield in an ever more difficult environment.



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