News & Insights

This year’s market rally in the US has been dominated by just a few large tech companies, says James Timpson, Fund Manager of the Courtiers Multi-Asset Funds. While a combination of limited exposure to tech, stubborn inflation and higher interest rates means the UK market has underperformed, it also means the UK represents great value.

James Timpson, Fund Manager, Courtiers Multi-Asset Funds discusses what he describes as “a fairly topsy-turvy month” for markets in May, with tech stocks riding the AI wave bolstering the US market and the UK market struggling by comparison. He expresses relief that the US debt ceiling won’t be breached, at least for now, and explains why Courtiers is sticking to its value investing guns.

James Timpson, Fund Manager, Courtiers Multi-Asset Funds reflects on a less volatile month for markets in April, which saw gains across a broad range of indices, particularly the FTSE 100 index. James goes on to suggest that with this week’s collapse of US bank First Republic, concerns over the stability of the banking sector haven’t gone away and are continuing to impact markets.

Banking shares weighed heavily on markets in March, with the collapse of Silicon Valley Bank in the US and Swiss bank Credit Suisse sending shockwaves through the banking sector. The uncertainty led to speculation that central banks might curb their enthusiasm for further interest rate hikes, says James Timpson, Fund Manager, Courtiers Multi-Asset Funds.

The FTSE 100 Index, launched way back in 1984, was the standout performer in February breaking through the 8,000 barrier for the first time. In contrast, after a generally positive start to the year, most other global equity markets were hit by lingering volatility, which saw the S&P USD 500 Index decline by nearly 2.5%.

After suffering their worst year since the global financial crisis, equity markets bounced back in the first month of 2023. The MSCI World NR index, which tracks the global developed equity market, rose 6.50% in January, amidst expectations that central banks would ease rate hikes over the coming year. European stocks in particular saw a healthy bounce during the month, with the Eurostoxx 50 NR index climbing nearly 10% in its best performing January to date.

Sometimes stock markets deliver a Christmas rally as each year comes to a close, but this wasn't the case in 2022. James Timpson looks back over market performance through the final month of 2022.

Markets staged a recovery in October, with global equities up 7% for the month and the FTSE 100 3% higher. As James Timpson, Courtiers Deputy Fund Manager explains, China was the notable exception, where stocks were off 16%, although with no direct investments there the Courtiers Funds weren’t hit. Both gilt prices and the value of the pound versus the dollar also recovered from their September lows.

September proved to be a difficult month for investors, with a potent cocktail of economic and geo-political uncertainty pushing valuations lower pretty much across the board, says Courtiers Deputy Fund Manager, James Timpson. The market’s unfavourable reaction to Kwasi Kwarteng’s so-called mini-budget hit the pound hard against the dollar, although it subsequently staged a recovery, while markets began October more positively.

The rising cost of living weighed heavily on global equity markets in August. Fixed income markets also saw declines. James Timpson, Courtiers Deputy Fund Manager reflects on a month, where emerging markets stood out as one of the few to buck the trend.