Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

CIO Talk – Off to a flying start

27 Jan 2022

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Collapsing tech stock prices, conflict in Europe, fears over inflation and higher interest rates, “lots of things have been worrying the markets at the start of 2022,” says Gary as he discusses the last turbulent few weeks and how Courtiers Funds have fared.    

While not being complacent, Gary points out that Courtiers was formed in 1982, the same year as the Falklands War, and that during his long career the company has been through several crises. As he says, “There is always some sort of geopolitical risk that is bothering people.”

  1. As to the recent fall in markets, predicting a crash is notoriously difficult. Gary points out “the market has predicted 50 of the last two.”

While recognising tail risk – “those extreme risks that might affect the market” – Gary says Courtiers prefers to rely on a tried and tested strategy of buying stocks “with defensive qualities”, those with “decent balance sheets, good cashflow and that are not overly priced.”  “We have positioned ourselves sensibly in order to have clients’ long-term interests in mind.”  Even at times like these, Gary’s faith in stock markets “to climb the wall of worry” remains undimmed.

The first few weeks of the year has also presented Courtiers’ Investment Team with “a lot of really good opportunities”, seeing many stocks on attractive valuations, with price/earnings multiples of 11,12 and 13.

“This is not a doom and gloom market,” there are opportunities in Japan, South Korea and Brazil. The trick is “you have to find them”, which is where Courtiers’ in-depth research comes into its own. Needless to say, this is not a time for anyone to buy the big tech stocks or cryptocurrency, “which come with massive dangers at the moment.”

The world is now thankfully on an irreversible path towards a clean energy future and away from carbon. For Gary and the rest of the Investment Team, this is an exciting time, and one replete with opportunities. As long as you are on the right side of history as it were. “You want to own businesses that are going with the flow and that are going to benefit from the trend.”

Gary accepts that some investors might have had good reason to question if they missed out on the gains made by other investors holding tech stocks last year. However, he believes the most recent performance figures vindicate Courtiers’ approach of staying away from such overvalued stocks, with the three Multi-Asset Funds in the top quartile of funds in their IA Sector, for three months, six months, 12 months, three years and five years.

Important Information
Issued by Courtiers Asset Management Limited,  CAM0122517.  Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at

This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

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