XxX | Feature Contents Editorial
GOING VIRAL
The rules of the game have changed since our last edition was published at the begin- ning of March.
Like something out of a science fiction novel, Coronavirus was largely unheard of on New Year’s Day, but has since influenced every part of our lives from what’s sitting on supermarket shelves, to what we do on Saturday afternoons to how our investment portfolios are performing.
Indeed, the economic models that investors have used since 2008’s financial crisis are now of little use. The FTSE100 suffered its fourth largest fall on record when it lost £125bn in a single day in March and has shown little in the way of a recovery, while the price of oil has fallen into negative territory and at one point the pound slumped to a multi-decade low. But unlike in a science fiction novel, a hero will not emerge to save the world from the impending recession that it looks certain to enter. An example of how quickly things have changed and the depth of economic uncertain- ty we are experiencing, the Chancellor of the Exchequer had to revise the Budget he pre- sented to Parliament on March 11 within a week when he had to find an additional £350bn to support struggling businesses. The Bank of England also had to move quick- ly when it slashed interest rates twice in less than a week to leave the cost of money at 0.1%. With us living in such unprecedented times, in this edition we have attempted to make sense of where those entrusted to grow and protect our retirement funds should put your money. Our coverage starts in our news and analysis section, but we take a more in depth look in our cover story, which starts on page 20. We also assess the revised in- vestment case for London-listed equities following the sell-off (pages 36-40). Yet one strategy has not changed. ESG is still ESG no matter the economic environ- ment. This month we take look at how investors should be working to create a low car- bon economy to avoid further crises, not caused by a virus, but by rising temperatures and changing weather patterns (pages 26-31).
Stay safe.
Mark Dunne Editor
m.dunne@portfolio-institutional.co.uk
Issue 92 | April 2020 | portfolio institutional | 3
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44
