After more than a decade of equity markets steadily rising and bonds funds behaving predictably, a deluge of world shocks have altered macroeconomics, geopolitics, central bank policy and the performance of almost every asset class.
We all know the adage that ‘time in the market is better than timing the market’, and that managers must maintain long-term time horizons while ‘sticking to their knitting’.
But how much of a bearing should external, top-down shocks have on portfolio construction? Can managers successfully ignore these altogether, or has the world changed to a point where top-down positioning is unavoidable?
Keynote
| | Alex DrydenMacroeconomist and research fellow at the Centre for Sustainable Finance at SOAS Alex worked for more than a decade as a global investment strategist for JP Morgan AM, covering macroeconomic development, central banks and fixed-income markets. He relocated from London to New York in 2017 and covered US financial markets for three years before returning to the UK. He regularly appears on financial news outlets, including Bloomberg and CNBC, sharing insights. His research has been quoted in publications such as the Financial Times and the Wall Street Journal. In his role as a research fellow at the Centre for Sustainable Finance, he has conducted research and provided policy recommendations for a number of public and international organisations. |
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