Archive | November, 2015

Investment Bulletin – October 2015

12 Nov

2015 has been a poor investment period so far, seeing the most significant losses since 2011. The question I’m asking – are we about to see a similar outcome to 2011 with the investment markets rallying and posting significant returns? The answer I have is “maybe” – no one knows but what is clear is the markets have been in the grip of panic, leading in my opinion to being oversold. I believe that this will offer opportunities in certain investment markets for the future.


In recent years, the investment markets have been “trading in a range” and this has seen a fall from the top of the range. So, if the markets follow a similar model this could realistically lead to positive returns.


It has been our strategy to position your portfolio, within your risk profile, with the focus of relative capital preservation and real total returns. Relative to the market situation, we have performed above expectations and produced pleasing returns.


Our portfolios are well diversified and where relevant, we have already made recommendations leading to changes in the asset allocation and some of the fund selections.



Market Overview

It has been impossible to ignore the recent dramatic sell-off in the Chinese markets and the subsequent falls in other equity markets around the world. Despite the opening up of the Chinese economy its impact on the developed world is fairly limited as regards first round effects, with exports of goods and services to and from China a very small part of GDP (Gross Domestic Product) for all mainstream economies.




I think it is economies that kill markets not the other way around so I believe the current decline is overstated.


On a more positive note, lower commodity prices are, of course, producing a significant boost to the western consumer and we are seeing an acceleration in consumer spending across the US, Europe and the UK in 2015. Inflationary pressures are also likely to remain muted for longer and interest rate increases which, until recently, seemed almost a certainty over the coming months could well be pushed back. The US rate increase heavily tipped for December.


It is also worth noting that although we have seen sharp falls in equity prices, the moves in bonds have been much less pronounced.


Whilst we shouldn’t be complacent, bearing in mind that equity markets can often be a good signal of trouble ahead, I think weakness in China is not sufficient to bring down the global economy. We maintain a modest preference for equity markets but do expect volatility to remain. I am inclined to think the recent drama has been a bit of an over-reaction and is unlikely to have a significant impact in a raw economic sense.




We are expecting the prospect of the first interest rate rise since June 2006 and we await the December Federal Reserve meeting. The Fed’s actions in the coming three-to-six months could have wide-reaching implications for the global economy. We expect that if (and based on the Federal Reserve’s commentary and dialog, a rate rise is imminent), this will be closely followed by the Bank of England to raise rates. In both cases, we are expecting small incremental steps based on the strength of the economies. So do not expect large or quickly followed further increases. The expectation is this will not lead to a rise in bank interest rates paid to the consumer, as banks based on recent results and the multitude of fines and legacy problems are not anticipating paying a higher base to account holders.


We do expect more volatility but anticipate buoyant equity markets in the near future but with clear risks in several sectors, themes and geographies.


Therefore, we reaffirm our focus on valuation discipline and total return strategies, where care and attention is and will always be needed. This focus has allowed us to achieve above average returns in less than average markets over a longer term, always with a clear relative focus on capital preservation, targeted returns and risk profile.


This bulletin provides information, it is not advice. Any opinions are given in good faith and may be subject to change without notice. Opinions and information included within this document does not constitute advice.

(If you require personal advice based on your circumstances, please contact me.)

Newsletter – October 2015

12 Nov

Introducing Angela Billingham (Office Administrator)

Finding A Replacement for Julie Blunt

Staff Round Up




We are in the process of development, expanding our administration team, so we can offer the service you have come to expect from us.


The idea being, we are a family; we are here to help – no problem is too small. Our mantra is – if we can help we are here to help.


The strategy is simply, to provide a team to support your needs and to offer a service of excellence.


Angela Billingham

We have a new staff member. Angela has broad administrative experience and an infectious laugh. She has a strong and broad administration background with over 14 years of relevant experience.


She has various qualifications within the administration field. These range from NVQ for IT Users, through to NVQ Business Administration Level 3.


Angela loves the outdoors. She is a very keen photographer and always keeps her eyes open for that elusive shot.


Julie Blunt

Good news, Julie has at long last returned to the fold but has since left Waverley Court Consulting Ltd.


We would like to take this opportunity to thank her for her work at Waverley Court Consulting Ltd over the past 4 years and wish her all the best in her future undertakings.


There is no reason for Julie to contact you and if she does, it is not with our consent, knowledge or agreement.


We are now in the hunt for her replacement. I will keep you informed and confirm once this role is filled.



Bernadette Hoyle

Bernadette after much hard work, has passed her first diploma level exam –

R01 Financial Services Regulations & Ethics.

She has now started her studies towards the Personal Taxation Exam.

In addition, Joseph is now walking and Bernadette has made the move to become a home-owner – good luck, we are very happy she now has the home she always dreamed of owning.