Wellian Weekly


  • 18th May 2020
    Wellian Weekly

    As a multi asset manager, I have the privilege to spend lots of time talking to lots of fund managers about lots of different asset classes. I also have the ability to talk to economists and strategists about the macro environment.  Many managers I talk with are specialists, many are generalists. Investment styles and philosophies are discussed, as are portfolio construction techniques and many other conversations are held.  It’s not surprising that I write a lot of notes when talking to managers as the amount of information and data that is sent my way is massive.  On top of that, markets are constantly changing, the investment landscape is always reacting to different stimulus and the same stimulus can affect one industry completely differently to another.

    To download the full report please click on the link below:


    Wellian Weekly

  • 11th May 2020
    Wellian Weekly

    The Bank of England has warned that the UK economy is heading towards its deepest recession on record as the impact of the coronavirus has meant the economy would shrink by 14% this year, based on the lockdown being relaxed in June. Scenarios drawn up by the Bank to illustrate the economic impact said Covid-19 was dramatically reducing jobs and incomes in the UK.

    Bank of England governor Andrew Bailey has said there would be no quick return to normality and described the downturn as unprecedented and that consumers would likely remain cautious of their own choice even when lockdown restrictions are lifted, suggesting that it wouldn’t be until next summer that activity comes fully back.

    To download the full report please click on the link below:


    Wellian Weekly

  • 4th May 2020
    Wellian Weekly

    The magnitude of the threat to the economy that covid-19 represented was unforeseen in financial markets. Emerging first in December 2019, reports of covid-19's spread in Wuhan appeared in the press in January. The speed at which both the health crisis and the resultant economic and financial market crises have unfolded was at a far greater pace than we have seen before. Starting in mid-February, markets entered a month of intense pressure with both equity and bond markets falling, in a sell-off that affected all irrespective of geography, asset class and market capitalisation. As the size of the problem became evident, governments were prompted to respond very quickly, and on a larger scale than during the 2008 global financial crisis. Markets have reacted favourably to government measures and volatility levels have fallen from peak levels but remain elevated. During times of extreme stress assets can become very correlated to each other and March was no exception.

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    Wellian Weekly

  • 27th April 2020
    Wellian Weekly

    Having worked from home now for several weeks, I have been considering what the world will look like and act like when we are released from our self-isolation. I fear this might last a couple of months and our outlook on investments, the economy, the way we interact with our companies and many other factors will change. Potentially forever.

    To download the full report please click on the link below:


    Wellian Weekly

  • 20th April 2020
    Wellian Weekly

    For income investors it’s been a torrid time; the ‘perfect storm’ doesn’t even begin to describe the situation we are going through. Across the board, dividends are being cancelled – with some yanked just days before payment. As you’d expect, the FTSE 100 is doing slightly better than the UK-focused FTSE 250, but only slightly.

    To download the full report please click on the link below:


    Wellian Weekly

  • 6th April 2020
    Wellian Weekly

    In the last few weeks equity markets have stolen the headlines with some dramatic movements in share prices that have rivalled those of the GFC. Also, in common with that period, we have again seen the suspension of property funds - although this time around managers are at pains to point out that it’s not for want of liquidity. 

    To download the full report please click on the link below:


    Wellian Weekly

  • 30th March 2020
    Wellian Weekly

    Exhibit A – Daily performance of the L&G UK Mid Cap Index Fund year to “date” (with “date” being 26 March 2018).

    Exhibit B – Daily performance of the L&G UK Mid Cap Index Fund year to “date” (with “date” being 26 March 2019).

    Exhibit C – Daily performance of the L&G UK Mid Cap Index Fund year to “date” (with “date” being 26 March 2020).

    To download the full report please click on the link below:


    Wellian Weekly

  • 23rd March 2020
    Wellian Weekly

    Last week a long-term client got in touch after reading the last piece we put out (https://www.wellian-is.com/53/572/wellian-weekly-16032020) questioning whether it was maybe a bit complacent in relation to what has been happening in the capital markets over the last couple of weeks.

    My initial response was “no, I didn’t think we were”. After all, we had written about the Coronavirus for the past two weeks - here (https://www.wellian-is.com/53/318/wellian-weekly-09-03-2020) and here (https://www.wellian-is.com/53/568/wellian-weekly-02032020) but maybe, in retrospect, we should have written again. So, for the third week in four, here goes.

    To download the full report please click on the link below:


    Wellian Weekly

  • 16th March 2020
    Wellian Weekly

    I am a full believer in the cases put forward by climate scientists in relation to carbon emissions, global warming, climate change and the potential devastating effects that will befall our planet if we don’t do something and do it quickly.  I’m doing my bit – solar panels have been on our roof for almost a decade; we drive a hybrid car; we recycle; we compost; our red meat intake has been curtailed massively; I walk lots of places; the use of public transport over taxis is the default option and so on, every little helps.  But, wouldn’t it be great if these 2050 targets were achieved BEFORE 2050? it feels a little like when I was at school – rapidly rushing my homework on a Sunday night for handing in on the Monday morning…  although 30 years away, this time will fly by. It is often said that the best time to make this change was 20 years ago; with the second best time being today.

    To download the full report please click on the link below:


    Wellian Weekly

  • 9th March 2020
    Wellian Weekly

    Last week saw equities come under pressure again, with markets especially volatile towards the end of the week, in spite of a 0.5% interest rate cut from the Federal Reserve. Are there signs of panic in equity markets? We spoke to Asian and emerging markets equity managers last week to understand what scenarios are being reflected in the valuations.

    To download the full report please click on the link below:


    Wellian Weekly

  • 2nd March 2020
    Wellian Weekly

    In a meeting with an emerging market equity manager a few weeks ago, the manager took some time to carefully explain all the shares he had not been buying since news of the spreading coronavirus had begun to unfold in the media. The manager was eyeing some consumer discretionary names, but had not seen valuations reach a point that reflected the impact that coronavirus would have on businesses. After the last ten days, we suspect that he will be taking another look at some of the names on his wish list.

    To download the full report please click on the link below:


    Wellian Weekly

  • 24th February 2020
    Wellian Weekly

    We have previously discussed the returns from 2019 along the lines of which asset classes performed well, which surprised and so on, but this article is to take those numbers for the main asset classes and try and put them into a different context.

    To download the full report please click on the link below:


    Wellian Weekly