The Investing Year Ahead

[Yellowtail]

15 minutes ago, Mike Lister said:

GBP or hedged to GBP

No, I meant what about a currency fund for diversification. 

[hwas]

3 hours ago, Mike Lister said:

The problem with using any index or global tracker is that the US market is at least 50% of any global index and tech occupies the lions share. Before, some other parts of the index would support any fall by one single part, but now, if tech falls, the entire index or tracker falls. That's the quandry.

i took a look at your own holdings and according to most investing theories that I follow (but unfortunately do not practice), you have way too many holdings.  Their recommendation both for your own investments and the inheritance would be a portfolio holding 3-4 etf’s - US index, global exUS, fixed income.  My portfolio is 25% fixed income, 25% sector (AI, tech, financial,etc) etfs and 50% stocks.  If you have not done so, take a look at the Bogleheads website (believers in Warren Bogle, founder of Vanguard).  Some excellent advise and savvy investors will give you answers.  Also, Warren Buffet is a strong advocate of buy and hold etfs.  

[Mike Lister]

48 minutes ago, Yellowtail said:

No, I meant what about a currency fund for diversification. 

Possibly, never thought about it.

[Mike Lister]

35 minutes ago, hwas said:

i took a look at your own holdings and according to most investing theories that I follow (but unfortunately do not practice), you have way too many holdings.  Their recommendation both for your own investments and the inheritance would be a portfolio holding 3-4 etf’s - US index, global exUS, fixed income.  My portfolio is 25% fixed income, 25% sector (AI, tech, financial,etc) etfs and 50% stocks.  If you have not done so, take a look at the Bogleheads website (believers in Warren Bogle, founder of Vanguard).  Some excellent advise and savvy investors will give you answers.  Also, Warren Buffet is a strong advocate of buy and hold etfs.  

Why is a larger number of funds a bad thing?

[hwas]

I 

3 hours ago, Mike Lister said:

Why is a larger number of funds a bad thing?

Advantages of the three-fund index portfolio

• Diversification. Over 10,000 world-wide securities.
• Contains every style and cap-size.
• Very low cost.
• Very tax-efficient.
• No manager risk.
• No style drift.
• No overlap.
• Low turnover.
• Avoids "front running."
• Easy to rebalance.
• Never under-performs the market (less worry).
• Mathematically certain to out-perform most investors.
• Simplicity

i would think that rebalancing would also be  more difficult with that many funds, depending on how strict you would be in maintaining the balance you desire.

 

However, as I said in my earlier post, I do not practice what I preach, but have been reducing the number of investments 

[Mike Lister]

45 minutes ago, hwas said:

I 

Advantages of the three-fund index portfolio

• Diversification. Over 10,000 world-wide securities.
• Contains every style and cap-size.
• Very low cost.
• Very tax-efficient.
• No manager risk.
• No style drift.
• No overlap.
• Low turnover.
• Avoids "front running."
• Easy to rebalance.
• Never under-performs the market (less worry).
• Mathematically certain to out-perform most investors.
• Simplicity

i would think that rebalancing would also be  more difficult with that many funds, depending on how strict you would be in maintaining the balance you desire.

 

However, as I said in my earlier post, I do not practice what I preach, but have been reducing the number of investments 

Thanks, but my questions were not about the advantages of 3 fund portfolio but the disadvantages of holding more. I currently hold 12 funds comprising 60% equities, 22% bonds and 18% money market and cash. Im 50% tracker and 50% global managed funds but rather than have a single global tracker I've gone for regional trackers. That means I can switch in and out of regions without having to rebalance the entire portfolio. Cases in point, the US has been good but EM is in the doldrums, India has been excellent but China is a dog. I'm starting to become very comfortable with things but I'm not quite there yet.

[mogandave]

6 minutes ago, Mike Lister said:

Thanks, but my questions were not about the advantages of 3 fund portfolio but the disadvantages of holding more. I currently hold 12 funds comprising 60% equities, 22% bonds and 18% money market and cash. Im 50% tracker and 50% global managed funds but rather than have a single global tracker I've gone for regional trackers. That means I can switch in and out of regions without having to rebalance the entire portfolio. Cases in point, the US has been good but EM is in the doldrums, India has been excellent but China is a dog. I'm starting to become very comfortable with things but I'm not quite there yet.

The wheels never fall off until your comfortable…

[BigBruv]

US Election years tend to be bullish for the S&P (incumbents need to pump markets to stay in for 2nd term) 

AFAICR 1st years after elections are also usually bullish.

 

Mental octogenarian Yellen (dual citizen) is pumping 100 Billion dollars into the system (EVERY MONTH) +

6 Trillion dollars are in money market funds.

A proportion of this will go into stocks.

 

Feels bubblicious but highs of the year are probably still to come imho.

 

Obvs anything can happen though.

 

 

[swissie]

4 hours ago, Mike Lister said:

Thanks, but my questions were not about the advantages of 3 fund portfolio but the disadvantages of holding more. I currently hold 12 funds comprising 60% equities, 22% bonds and 18% money market and cash. Im 50% tracker and 50% global managed funds but rather than have a single global tracker I've gone for regional trackers. That means I can switch in and out of regions without having to rebalance the entire portfolio. Cases in point, the US has been good but EM is in the doldrums, India has been excellent but China is a dog. I'm starting to become very comfortable with things but I'm not quite there yet.

Yes, China has been a dog. But ready to turn into the "primaballerina" of the world again. Why? Because the Chinese Government has decided so.

[swissie]

4 hours ago, Mike Lister said:

Thanks, but my questions were not about the advantages of 3 fund portfolio but the disadvantages of holding more. I currently hold 12 funds comprising 60% equities, 22% bonds and 18% money market and cash. Im 50% tracker and 50% global managed funds but rather than have a single global tracker I've gone for regional trackers. That means I can switch in and out of regions without having to rebalance the entire portfolio. Cases in point, the US has been good but EM is in the doldrums, India has been excellent but China is a dog. I'm starting to become very comfortable with things but I'm not quite there yet.

IMO: Your portfolio-mix is just fine. A 3 fund index fund portfolio is over-diversification, I find. (Too many potential "laggards" stifeling the potentional "high flyers").

Talking about Diversification: How about adding some commodities to the mix, especially now, that some Gurus see a future "Bull Cycle" in Industrial Materials just around the corner (after those materials have already increased remarkably= the usual).

The problem: Most commodities are traded via futures markets. Most of the time, most markets are in a "Contago" situation. Causing constantly "roll-over" losses. In the end, it's called the "carrying-charge". This makes long-term investing in commodities "investor- unfriendly". To take a look at "financing cost", look here (only during trading hours available):

https://www.oanda.com/uk-en/trading/financing-costs/?mkt_tok=eyJpIjoiTXpSbE1UVTFOV1prTkRJMSIsInQiOiJ5RThTZWpJbDVSU3J5MDBwdGg5MmVBa2toUjFydjRPbTQ3VWNFbG9iQ1ZvR0FMekE5OWlZcElzOW5VTWZXajJnK3JGYU1BanRkMzQ3Q1lyWkF0cjFkYm9YYmpCUmhCQWdTbkNSTE1iTFJ5aEhJcUoyaG5wYjVWK0VscURpUE1iUCJ9

How to avoid those costs: Store your Gold under the mattress, store your 50 tons of Copper in your cellar, next to your collection of single malt whyskey. That is also a commodity. The only "carrying charge" would be some insurance, especially if you have a family member that spends a lot of time in the cellar.

 

[Mike Lister]

10 hours ago, swissie said:

IMO: Your portfolio-mix is just fine. A 3 fund index fund portfolio is over-diversification, I find. (Too many potential "laggards" stifeling the potentional "high flyers").

Talking about Diversification: How about adding some commodities to the mix, especially now, that some Gurus see a future "Bull Cycle" in Industrial Materials just around the corner (after those materials have already increased remarkably= the usual).

The problem: Most commodities are traded via futures markets. Most of the time, most markets are in a "Contago" situation. Causing constantly "roll-over" losses. In the end, it's called the "carrying-charge". This makes long-term investing in commodities "investor- unfriendly". To take a look at "financing cost", look here (only during trading hours available):

https://www.oanda.com/uk-en/trading/financing-costs/?mkt_tok=eyJpIjoiTXpSbE1UVTFOV1prTkRJMSIsInQiOiJ5RThTZWpJbDVSU3J5MDBwdGg5MmVBa2toUjFydjRPbTQ3VWNFbG9iQ1ZvR0FMekE5OWlZcElzOW5VTWZXajJnK3JGYU1BanRkMzQ3Q1lyWkF0cjFkYm9YYmpCUmhCQWdTbkNSTE1iTFJ5aEhJcUoyaG5wYjVWK0VscURpUE1iUCJ9

How to avoid those costs: Store your Gold under the mattress, store your 50 tons of Copper in your cellar, next to your collection of single malt whyskey. That is also a commodity. The only "carrying charge" would be some insurance, especially if you have a family member that spends a lot of time in the cellar.

 

I agree, I think it's OK to hold a variety of funds and instruments, I don't think the number of funds a person holds is material in any way, except that there may be easier and cheaper ways to obtain the same degree of investment.

 

I'm holding four global equities funds with less than 5% overlap, the average charge is 0.40%. Why four and not one? The first covers EM and Japan, I hold this in addition to EM and Japan (sampling) trackers because it has returned far in excess of the benchmark for some time. 

 

The second is Royal London Select which has returned over 24% per year and has far exceeded the benchmark.

 

The last two are average funds that return around 12% per year. One is JPM Global and the other is Guiness. JMP Global is my bellwether fund because the Fund Manager goes into cash when things get dicey, something that most other FM's tend to avoid doing, it also returns over 14%. Guiness? A mediocre but reliable income generating equities fund that has moments of stellar performance.

 

So, four managed funds where the FM can and does adjust the investment, based on market conditions. Set against those four funds are four trackers, UK FTSE 350, S&P500, Japan Index and EM Index. I don't cover Europe specifically because the four managed funds are smart enough to do that for me. I could deploy a global Index Fund but that means I have to ride the storm down as well as up and I've no control over the geographics. By holding those economies individually, I can bail out of Japan for example, without needing to rebalance the rest of the world markets.

 

Lastly on bonds: I hold the global bond index (the agg), both the full index and the short term segment, as well as the short term index (sub 2.5 years) as well as a strategic bond funds containing minimal junk.

 

Finally, I hold some other bits and pieces that are legacy investments which on reflection, would fit well with 

the idea of commodities. But since I know nothing about commodities, this may be a job for Wisdom Tree or similar.

 

Hopefully the above will help somebody, somewhere.

 

[Mike Lister]

I'm really struggling with bonds, I've lost my way, maybe somebody more knowledgeable can assist?

 

I hold up to 25% of my investment portfolio in bonds as a diversifier and for some protected income. I hold Vanguards Global Bond Index which comprises investment grade,  longer (7 yr) dated government (65%) and corporates. The yield is poor at around 3% but when US rates begin to fall their value will increase. These bonds are mostly negatively correlated to equites.

 

I also hold a strategic bond fund that yields around 7% and contains very little junk, the average rating is BBB and duration is 6....this is positively corelated but provides income. 

 

My question is, what else should  I be holding?

 

Government bonds are safer than corporates but the yield is lower plus corporates are positively corelated to equities. Short dated bond funds yield more than long dated bonds because the yield curve is inverted. US rates are likely to start to reduce before the end of the year and UK rates before then.

 

A short dated (1-3 yrs) government bond index looks interesting but is subject to interest rate risk at some point. This provides reasonable yield and negative correlation.

 

A global government bond index appeals, possibly a global corporates bond index also for income but that risks correlation.

 

Argh! Advice needed, please.

 

 

 

 

 

[paddypower]

On 5/6/2024 at 8:39 AM, Mike Lister said:

I agree, I think it's OK to hold a variety of funds and instruments, I don't think the number of funds a person holds is material in any way, except that there may be easier and cheaper ways to obtain the same degree of investment.

 

I'm holding four global equities funds with less than 5% overlap, the average charge is 0.40%. Why four and not one? The first covers EM and Japan, I hold this in addition to EM and Japan (sampling) trackers because it has returned far in excess of the benchmark for some time. 

 

The second is Royal London Select which has returned over 24% per year and has far exceeded the benchmark.

 

The last two are average funds that return around 12% per year. One is JPM Global and the other is Guiness. JMP Global is my bellwether fund because the Fund Manager goes into cash when things get dicey, something that most other FM's tend to avoid doing, it also returns over 14%. Guiness? A mediocre but reliable income generating equities fund that has moments of stellar performance.

 

So, four managed funds where the FM can and does adjust the investment, based on market conditions. Set against those four funds are four trackers, UK FTSE 350, S&P500, Japan Index and EM Index. I don't cover Europe specifically because the four managed funds are smart enough to do that for me. I could deploy a global Index Fund but that means I have to ride the storm down as well as up and I've no control over the geographics. By holding those economies individually, I can bail out of Japan for example, without needing to rebalance the rest of the world markets.

 

Lastly on bonds: I hold the global bond index (the agg), both the full index and the short term segment, as well as the short term index (sub 2.5 years) as well as a strategic bond funds containing minimal junk.

 

Finally, I hold some other bits and pieces that are legacy investments which on reflection, would fit well with 

the idea of commodities. But since I know nothing about commodities, this may be a job for Wisdom Tree or similar.

 

Hopefully the above will help somebody, somewhere.

 

good commentary (excepting Guinness spelling - I assume you've been in someone's basement).  May I be the devil's advocate, for a moment? my profile is way off the scale discussed here; nevertheless: my age profile: 78, Wife 82 (both expats in Thailand since 1996). income cash flow profile: 35% Canadian pension, 35% Thai investment (one residential ) property; 30% Thai Infrastructure Fund (after tax cash flow minus cushion for amortization of the capital value due to Fund leaseholds expiring ) . zero from crypto (20% of capital ''invested''/gambled  in an emerging network, with a group of friends). crypto holdings are being reduced to reinvest in Income Fund to bring cash flow/income source up to 65% of total cash flows. no dependents. Insurance (health and accident) 1 mill. each, i see the only risk I have to consider is, whether to cash out 100% of my crypto holdings now or wait for what will be a long-drawn out SEC ruling. (In hindsight, I guess this posit should go to a crypto thread). i post it here, because the decision to invest in the Fund is based on the consideration that the Fund currently yields 11.2 % gross. so my question is related to opinions about interest rates, over the 12-24 month horizon. this may be 'off the wall' style investing to most of you, but thanks for any thoughts.

[Mike Lister]

36 minutes ago, paddypower said:

good commentary (excepting Guinness spelling - I assume you've been in someone's basement).  May I be the devil's advocate, for a moment? my profile is way off the scale discussed here; nevertheless: my age profile: 78, Wife 82 (both expats in Thailand since 1996). income cash flow profile: 35% Canadian pension, 35% Thai investment (one residential ) property; 30% Thai Infrastructure Fund (after tax cash flow minus cushion for amortization of the capital value due to Fund leaseholds expiring ) . zero from crypto (20% of capital ''invested''/gambled  in an emerging network, with a group of friends). crypto holdings are being reduced to reinvest in Income Fund to bring cash flow/income source up to 65% of total cash flows. no dependents. Insurance (health and accident) 1 mill. each, i see the only risk I have to consider is, whether to cash out 100% of my crypto holdings now or wait for what will be a long-drawn out SEC ruling. (In hindsight, I guess this posit should go to a crypto thread). i post it here, because the decision to invest in the Fund is based on the consideration that the Fund currently yields 11.2 % gross. so my question is related to opinions about interest rates, over the 12-24 month horizon. this may be 'off the wall' style investing to most of you, but thanks for any thoughts.

Sorry about the misspelling, that would justify a flogging in many quarters. 🙂

 

You're a braver man by far than I (Gunga Din), I never developed the interest to get involved in crypto which my unofficial mentors describe as voodoo science....power to you that you did and made a profit.

 

Rates: The Fed says to expect one maybe two cuts this year, or even to expect nothing. With the US economy firing on most cylinders, 79% of companies reporting in the current earning season reported an increase in profit, if they can do that when rates are over 5%, how will they perform when they are back down at 2% again!

 

I don't know how anyone can have a reasonable view on interest rates in the current environment, it's nigh on impossible to fathom, trying to take a view over 24 months is just not possible. US election outcome, global warming, global unrest and conflict, US debt levels....any one of them could cause massive upset. 

[G_Money]

KISS.

 

Vanguard Total Stock Market, Total International stock, Total Bond, Total International Bonds.

 

Easily combined depending on risk tolerance in ONE fund.  Life Strategy (no glide path) or Target Date Retirement (glide path).

 

KISS.

 

Jack Bogle said it best.

 

[Mike Lister]

10 minutes ago, G_Money said:

KISS.

 

Vanguard Total Stock Market, Total International stock, Total Bond, Total International Bonds.

 

Easily combined depending on risk tolerance in ONE fund.  Life Strategy (no glide path) or Target Date Retirement (glide path).

 

KISS.

 

Jack Bogle said it best.

 

I have to use the HL platform so I don't have access to Total Bond Market and many other funds that I might otherwise consider. That sais, I've looked at the bogglehead approach and it doesn't do anything for me so I'm travelling a different road.

[swissie]

The possibilities to invest in different kinds of bonds is amazing. I call it the Bond-Zoo. US treasuries still very popular.

Would like to remind that in the meantime, compared to GDP, the US is at 125%. To pay for existing dept (interest) is over 10% of the budget. The US treasury borrows 6 million Dollars per minute. The upcoming "infra structure projects" will cost another 7 billion. Definitely catapulting the US into the club of highly indepted nations (Italy, France).

Ergo: Even if US inflation should drop back to pre-pandemic levels, investors may find a "net risk-premium" of 3% as a minimum. In other words: No more "free money" for the US.

[Mike Lister]

I was reading an excellent report by Schroders that demonstrated how negative correlation of bonds to equities is a fairly recent phenomena (since about 2000) and that there are large periods of time prior to that when they were positively correlated. I'll try and dig out the report and post it, it's quite fascinating.

 

 

 

[swissie]

43 minutes ago, Mike Lister said:

I was reading an excellent report by Schroders that demonstrated how negative correlation of bonds to equities is a fairly recent phenomena (since about 2000) and that there are large periods of time prior to that when they were positively correlated. I'll try and dig out the report and post it, it's quite fascinating.

 

 

 

I have tried to make sense of positive or negative correlations for the last 500 years. In the meantime, I shy away from any correlations, like the devil shying away from Holy Water.

Conclusion: They work for a while, then stop working, until they start to work again. Unpredictable.

I am polishing my cristal ball with more vigor than ever before.

[Mike Lister]

5 hours ago, swissie said:

I have tried to make sense of positive or negative correlations for the last 500 years. In the meantime, I shy away from any correlations, like the devil shying away from Holy Water.

Conclusion: They work for a while, then stop working, until they start to work again. Unpredictable.

I am polishing my cristal ball with more vigor than ever before.

A fascinating graph on page 1.

 

https://mybrand.schroders.com/m/6662cf1f5d2d8543/original/202202_what-drives-the-equity-bond-correlation.pdf

 

[MistyBlue]

On 5/6/2024 at 2:39 AM, Mike Lister said:

The second is Royal London Select

 

I also hold this (and the Quilter equivalent) but now keeping under review after the entire management team of this fund walked out with no notice a couple of weeks ago.  I might take the original investment out and keep the profits invested to see where it goes with the new managers,  but still undecided.

[Mike Lister]

1 hour ago, MistyBlue said:

 

I also hold this (and the Quilter equivalent) but now keeping under review after the entire management team of this fund walked out with no notice a couple of weeks ago.  I might take the original investment out and keep the profits invested to see where it goes with the new managers,  but still undecided.

I hadn't heard that, thanks for telling me. That team had a great formulae for a while, they also manage RL Diversified which has done well too but nothing like Select. If it starts to perform poorly I will likely put the money into a global tracker, fund picking is too hard work! 

 

I'm agonising over bond funds currently, I can't find the right return at the right risk, with the right protection, at the right price.....perhaps I should research goldilocks bond funds. 🙂  

[Yellowtail]

5 hours ago, MistyBlue said:

 

I also hold this (and the Quilter equivalent) but now keeping under review after the entire management team of this fund walked out with no notice a couple of weeks ago.  I might take the original investment out and keep the profits invested to see where it goes with the new managers,  but still undecided.

This is a great point. A lot of funds that are started by a great manager are on autopilot once the manager leaves it to build a new fund. 

 

I always check that the current manager has not been swapped recently. 

[Yellowtail]

7 hours ago, Mike Lister said:

A fascinating graph on page 1.

 

https://mybrand.schroders.com/m/6662cf1f5d2d8543/original/202202_what-drives-the-equity-bond-correlation.pdf

 

Did gold not used to be negatively correlated to equities? Now both are at all-time highs and growing. 

 

Again, I think a lot of analysis is out the window. 

[UKresonant]

On 5/6/2024 at 2:39 AM, Mike Lister said:

The second is Royal London Select which has returned over 24% per year and has far exceeded the benchmark.

Great fund but they discontinued my trickle charge level monthly savings within a SIPP after about  5 months, they wanted to cap the fund size or something, just going to leave it as high performance small change rattling  about in that SIPP

[UKresonant]

On 5/11/2024 at 11:49 PM, Mike Lister said:

I'm really struggling with bonds, I've lost my way, maybe somebody more knowledgeable can assist?

 

I hold up to 25% of my investment portfolio in bonds as a diversifier and for some protected income. I hold Vanguards Global Bond Index which comprises investment grade,  longer (7 yr) dated government (65%) and corporates. The yield is poor at around 3% but when US rates begin to fall their value will increase. These bonds are mostly negatively correlated to equites.

 

I also hold a strategic bond fund that yields around 7% and contains very little junk, the average rating is BBB and duration is 6....this is positively corelated but provides income. 

 

My question is, what else should  I be holding?

 

Government bonds are safer than corporates but the yield is lower plus corporates are positively corelated to equities. Short dated bond funds yield more than long dated bonds because the yield curve is inverted. US rates are likely to start to reduce before the end of the year and UK rates before then.

 

A short dated (1-3 yrs) government bond index looks interesting but is subject to interest rate risk at some point. This provides reasonable yield and negative correlation.

 

A global government bond index appeals, possibly a global corporates bond index also for income but that risks correlation.

 

Argh! Advice needed, please.

 

 

 

 

 

No technical advice, but I've just switched about 7K back into UK indexed linked bonds (fund) within a SIPP drawdown from 70% MA / 30% international equity.

Had some periods of great performance from linkers in the past. (Decade ago perhaps) 

Fund is about minus 32% over 3 years, they seem to be close to a floor. Either side of a flatline for many months.

 

MA fund was doing very little, not even poor. 

 

Slight interest rate reductions, and Geo situation may at least prevoke some performance. Number on the slot machine at 1, higher or lower?

 

 

[Mike Lister]

1 hour ago, UKresonant said:

No technical advice, but I've just switched about 7K back into UK indexed linked bonds (fund) within a SIPP drawdown from 70% MA / 30% international equity.

Had some periods of great performance from linkers in the past. (Decade ago perhaps) 

Fund is about minus 32% over 3 years, they seem to be close to a floor. Either side of a flatline for many months.

 

MA fund was doing very little, not even poor. 

 

Slight interest rate reductions, and Geo situation may at least prevoke some performance. Number on the slot machine at 1, higher or lower?

 

 

Can I ask which linkers fund you're using?

 

I see Powell just spoke and has reinforced his higher for longer matra, I think he's preparing everyone for no rate cuts this year. US CPI figures due Wednesday AM US time, maybe some clues there perhaps.

[Mike Lister]

1 hour ago, UKresonant said:

Great fund but they discontinued my trickle charge level monthly savings within a SIPP after about  5 months, they wanted to cap the fund size or something, just going to leave it as high performance small change rattling  about in that SIPP

Royal London Diversified (not sustainable diversified) is a reasonable alternative,

[Mike Lister]

1 hour ago, UKresonant said:

No technical advice, but I've just switched about 7K back into UK indexed linked bonds (fund) within a SIPP drawdown from 70% MA / 30% international equity.

Had some periods of great performance from linkers in the past. (Decade ago perhaps) 

Fund is about minus 32% over 3 years, they seem to be close to a floor. Either side of a flatline for many months.

 

MA fund was doing very little, not even poor. 

 

Slight interest rate reductions, and Geo situation may at least prevoke some performance. Number on the slot machine at 1, higher or lower?

 

 

 

Interesting you're 30% int equ/70% MA

 

I'm 35% int equ/35% trackers and 22% bonds +8% cash.

 

A similar end result, just a different way to get there.

 

Are you using VG Life for your MA's? I unloaded BNY Melon Balanced which was making an OK return but it was never going to generate more than  a 50% return over 5 years and I felt I could do better with the same risk.

[UKresonant]

1 hour ago, Mike Lister said:

Can I ask which linkers fund you're using?

 

I see Powell just spoke and has reinforced his higher for longer matra, I think he's preparing everyone for no rate cuts this year. US CPI figures due Wednesday AM US time, maybe some clues there perhaps.

It's a standard life pension fund S4, so will be ABRDN Essentially.