IMS Monthly Update

  • 1st July 2021

    The first half of a year that saw us take the first stuttering steps back to normality ended on a positive note with the new Health Secretary suggesting that Covid restrictions for England would come to an end later this month. And for those of a footballing persuasion, the good news kept on coming. However, while the pandemic remained a recurrent theme over the period, the dominant story from an investment perspective was the return of inflation.


  • 1st June 2021

    All of the IMS portfolios have a mandate that specifies a minimum and maximum level of equity which sets the tramlines between which we have to remain. Below this high level view there are a number of other constraints that detail the maximum and minimum weight we can allocate to a fund, how many sectors we must include, and so on. These mandates were set out when the portfolios were originally created and they form the framework around which we build our asset allocations and fund selections.


  • 1st April 2021

    March is typically a wet and pretty miserable month, and that felt especially the case as we began yet more weeks of lockdown, with our freedoms to travel and to socialise limited. However, towards its end we entered British summer time, with the clocks springing forward to give us an additional hour of evening light, many areas enjoyed record high temperatures, and, as we headed into the 4-day Easter bank holiday weekend, we passed the first stop on Boris Johnson’s roadmap for unwinding lockdown restrictions.


  • 1st March 2021

    This update was written on the anniversary of when Covid first started to impact on global markets. By the end of February 2020 the virus had been devastating China for over a month, but western economies had remained bizarrely aloof. That all changed when Italy became the first western country to shows signs that we might not be immune. It is often said that hindsight is 20-20 which seems to be a rather fitting saying given the lack of awareness or reaction from governments in the early part of that year.