Investment Commentary – January 2015

January 9, 2015

The so-called ‘great rotation’, (a concept muted back in 2012 theorising that investors would move out of bonds and into equities, as artificial liquidity via Government driven quantitative easing drove downs yields), again failed to fully materialise in the US. Europe actually experienced more of a ‘great resurgence’ as fixed income was without doubt the strongest performer of 2014. European and UK Sovereign bonds in particular led the way, with Spanish bonds returning +16.1% and Gilts following with +14.7%, as total returns surpassed almost all developed market equity indices.

Investment Commentary January 2015


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