Paul Bramley

A regressive decision by The Scottish Government to reintroduce peak time fares and increase those fares at the same time. ScotRail A short term, non-strategic, anti-competitive, anti-productivity and anti-climate move that will make it harder to do business and much harder for people on low wages to take a job where they have to commute between the two big cities of Edinburgh and Glasgow. To put this move into context, the equivalent return journey over 50 miles in Ireland costs just €19.50 or £16.65. In certain states in Australia public transport is free. Do our government leaders really think that such moves are strategic and set our country up for success?

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https://lnkd.in/eY3-AmYM will MoF walk the walk!?.. #JPY strength to play through opts. A very decent chunk of 5s and 7s UST auctions coming up, #SPX500 nearly achieved ideal correction level 4800-4900 range, mega cap earnings and PCE coming up - #highfrolonger still in play, core inflation could actually end up closer to 4.5% towards q3 2024.. QQQ ideal correction more towards 16K, the growth vs value rotation only just started #assetmanagement #qualitybalancesheets

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Budget Flash – Is the EIS & VCT Industry Too Complacent Regarding The Chancellor? A few weeks before the UK election in 2019, I was speaking at an Intelligent Partnership EIS Forum involving eight EIS fund managers, presenting to a group of about forty wealth manager and IFA groups. During the Q&A session, one participant asked the panel of fund managers whether they believed that the election of Jeremy Corbyn would lead to the end of EIS and VCT tax reliefs. With only one exception, they were unanimous in pouring cold water on this suggestion. Too many jobs would be lost; the UK needed investment in early-stage life sciences, fintech, blockchain technology, AI, and robotics; the creative fulcrum of entrepreneurial Britian would be sacrificed etc. All logical and well-reasoned arguments. Symvan was the exception that day and argued that these schemes would be amongst the first to go for the very simple reason that the Corbyn/McDonnell axis viewed the world through an essentially post-Marxist prism and simply saw such schemes as ‘tax breaks for rich guys.’ The private sector has little or no role in generating economic growth when you remove yourself sufficiently from reality. That intellectual depravity does not exist with the current government, but expediency potentially calls the wolf to the door nonetheless. And so Martin Vander Meyer offers a warning in a worryingly prescient article in this week’s Spectator in which he argues that, although the Chancellor has emphatically denied that she wishes to punish early-stage companies in the UK, she may have to “scrape the bottom of the bin” and punish the sector as the Treasury and the OBR have removed Labour’s delusions about what the costs of its mooted tax rises will mean for the UK economy. If the furious lobbying ahead of Wednesday’s budget has taught us anything, it is that the power of the unions is forcing the Chancellor to make sub-optimal decisions and the UK as a whole will bear the cost. Will entrepreneurial Britain pay the price? #EIS #VCT #The Spectator #Martin Vander Weyer #UK Budget

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With the budget announcement tomorrow and a great deal of regulatory-focused initiatives and engagements underway at IIMI HQ, I am feeling optimistic about the opportunities that we have to support the government and the regulator to evolve UK financial services regulation. #regulation #assetmanagement #budget #growth #culture

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Disappointing to see the FCA intend to go ahead with the changes to the listing rules, despite clear messages from investors that they don't support some of the proposals. We agree that we need vibrant and well functioning markets - but this is not the right solution. ICGN is particularly concerned by the introduction of a more permissive approach to dual class shares structures - with few shareholder protection safeguards - and the removal of shareholder votes prior to significant transactions and related party transactions. These proposals will expose investors to undue risk, with potentially significant implications for underlying beneficiaries including pensioners, insurance, and retail investors’ savings. Dual class share structures should have sunset clauses. Shareholders should be allowed to exercise their rights to vote on significant matters. See ICGN statements below: https://lnkd.in/exUajHS9 https://lnkd.in/eTBwxgvT

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💡Wondering how investment trusts can suit your portfolio? Our new #FundInsight series breaks down the strategies and performance of listed funds📊 Our latest report covers CVC Income & Growth #CVCG #CVCE. Free to read here: https://lnkd.in/eSUjCd2K 🧠 #InvestmentTrusts offer access to experienced portfolio managers, and these reports are designed to help you navigate the market🔍 Capital at Risk. Winterflood Securities is regulated by the Financial Conduct Authority. #RetailInclusion #InvestorInclusion #FinancialServices

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WS Amati Funds - Quarterly Reviews to 31 March 2024 Please find below fund reports from Scott McKenzie, Georges Lequime & Graeme Bencke over the quarter for their respective funds highlighting portfolio activity, fund performance, contributors & detractors as well as outlook. WS Amati UK Listed Smaller Companies Fund - https://lnkd.in/eYNUgHmN WS Amati Strategic Metals Fund - https://lnkd.in/ecRqp7Fq WS Amati Global Innovation Fund - https://lnkd.in/e4yNaPXf Warning: Capital at risk. Past performance is not a reliable indicator of future performance. #fundmanagement #quarterlyreviews #q1 #fundupdate

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Mirek Gruna explores why now is the time to make some simple but considered steps to minimise the potential impacts of the changes to your personal and offshore position in this new insight below. #oneiqeq #nondomiciles

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Quilter Investors has added a hedge fund replication strategy to its Cirilium Passive Portfolios, which is the first time an alternatives fund has been used in the range https://lnkd.in/emUypCsd Author: Adam Lewis #passiveinvesting #hedgefund #alternativeinvestments #absolutereturn

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The FRC has launched a consultation on updates to the 2020 UK Stewardship Code this week. I encourage investors to read Adam Matthews and Stephen Barrie's posts on the critical issue of the stewardship definition, which the FRC is proposing to change to emphasise "the need to create long-term sustainable value for clients and beneficiaries as a key outcome of good stewardship". Creating sustainable value for clients and beneficiaries should be core to the stewardship proposition - correct. Including the viability of economic, social and environmental systems upon which clients/beneficiaries depend in that assessment of "sustainable value creation" for clients/beneficiaries - also correct. BOTH are required to drive better member outcomes when dealing with systemic risks. Is it crucial that any stewardship definition explicitly acknowledges this connection? Now more than ever. Don't believe me? Take a look at this excerpt from the recent FMLC paper on pension fund trustees and fiduciary duty............................ One thing (among others) that is increasing is dispute or litigation risk in connection with businesses’ and governments’ response (or lack of response) to the subject of climate change. Because the subject of climate change is a worldwide issue, this is a risk that can present from anywhere in the world. It brings its own relevant issues, including possible adverse outcome and responses, but also the cost, the time and the element of uncertainty in litigation or arbitration. If it is a risk that comes with an investment it may outlast the holding of an investment. Pension funds exist as participants in much wider financial and economic networks. It is a feature of the subject of climate change that it is of major scale. From the position of the pension fund trustee, all the changes identified above or the possibility of them may be relevant to the return of a particular investment and the risk to that return. But so too certain investment strategies, principles and policies may be particularly vulnerable to their impact. And, as with sustainability generally, in the context of a pension fund and the purpose of a pension scheme, relevant too is the effect of the subject of climate change on return or risk anywhere across the pension fund and including by reference to all applicable time horizons. Financial factors therefore need to be considered at a number of levels: at the level of a specific asset or investment, at a portfolio level, and at the level of whole economies material to the pension fund. In responding to this consultation, please support the explicit acknowledgement of economic, social and environmental systems in delivering value for members. In this political landscape, it is more important than ever. Adam Matthews Stephen Barrie Faith Ward Vaishnavi Ravishankar Shipra Gupta Eva Cairns Claire Curtin Diandra Soobiah Renata Kostrzewa Caroline Escott Michael Marshall Jen Sisson People's Partnership

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Templeton Emerging Markets Investment Trust PLC's (TEMIT’s) board is frustrated by the company’s persistently wide discount so it has announced a series of measures aimed at increasing demand for the trust’s shares. These are an acceleration in share repurchases, a commitment to at least maintaining the current annual dividend, a conditional 25% performance-related tender offer and a phased reduction in management fees. TEMIT’s two managers, Chetan Sehgal (lead manager) and Andrew Ness, remain positive on the outlook for emerging markets and consider that the general lack of appreciation of their prospects is providing a good opportunity for global investors. Emerging markets offer the potential for above-average growth with attractive absolute and relative valuations. Edison Group #investment #strategy #sustainability #emergingmarkets https://lnkd.in/djAMXDx9

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‘Mega funds’ ! 🚀 Chancellor’s plans for the "biggest pension reform in decades" which has the potential to be a game-changer for UK pension savers, economic growth and investment. 🚀 Tonight in her Mansion House speech Rt Hon Rachel Reeves will announce that her pension reforms will create new ‘mega funds’ - by consulting on consolidating DC schemes into a minimum size and acceleration of Local Government Pensions Scheme pooling. Scale, concentration of expertise and diversification are the key to term growth and delivering significant benefits for UK pension savers - https://lnkd.in/eWFV8Pig Today, 97% of pension capital invested in UK-led #venturecapital and #privateequity are from outside the UK—only 3% is UK pension savers’ money. These reforms are a vital step towards reversing that trend and securing UK-led growth for UK investors. Reacting to the announcement, BVCA Chief Executive Michael Moore said: “These reforms are a hugely welcome sign that the Government intends to take important long- term decisions to boost investment and growth. “A minimum size threshold for Defined Contribution pension schemes will be a welcome move that allows UK pension savers to enjoy the benefits of scale needed to support better governance, investment expertise and the diversification of their portfolios. “Larger, consolidated pension schemes have greater opportunity to invest in higher growth assets, like private capital funds that drive investment into exciting UK businesses whilst delivering strong-returns for pension savers. So, moving quickly from consultation to concrete proposals and implementation will be key. “We strongly support greater, more effective pooling in the Local Government Pension Scheme. This should be a key source of capital for fast growing businesses and start-ups. It is also right that there should be provision to ensure that the LGPS can invest more in growing the UK’s regional economies.”

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Very interesting thoughts from Henry Bonsu who points out the prevelence of group think at the top of many organisations lies behind the PO’s problems. Much of this is is motivated by ambitious self serving types, the nodding dogs, who know that saying the right thing and not asking difficult questions is generally the way to the top. For much of my career this would have manifested itself as demonstrating almost blind loyalty to senior management and company objectives. Nowadays it is a little different with the added need for staff to display their commitment to policies like DEI notwithstanding that many are well aware that such policies are often implemented in a way that does little to engender diversity of thought. In my view there is a great need for diversity of thought and a willingness to challenge at top of both businesses and public sector organisations so fewer nodding dogs.

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What a letter The Financial Times from Mark Tennant (I think!) on investment trusts' role in contributing to the UK's wealth! "Investment trusts have three main advantages over their open-ended competitors: first, they can gear; second, they are not subject to portfolio wrecking when markets turn and investors flee; but most importantly they are closed-end funds and are therefore natural vehicles for investors wishing to include illiquid assets in their portfolio. They are an important component in the daunting task facing the new government: increasing GDP. "They are an important component in the daunting task facing the new government: increasing GDP." He suggests: "This is a moment when the sector should get together with pension funds, wealth managers and investment banks to launch massive rights issues underwritten by the pension funds to increase the capacity of private equity and variable capital company trusts by a factor of say £5bn or £6bn." Alexander Denny Gay Collins Stephanie Coxon Nick Britton, CFA, MCSI Nick Gardner Juliet Webber Vanessa Booth Cathy Pitt Simon Elliott Simon Crinage Dan Howe Christian Pittard Stephanie Carbonneil Alex Blake Sachin Saggar Ewan Lovett-Turner Christopher Brown Sapna Shah Tom Harris Tom Poynton Gillian Martin

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Join us for a discussion surrounding the issue of ensuring investment funds prioritise client interests over those of #AssetManagers or owners 👉 https://lnkd.in/er2xfASn Our panel with City Hive's Bhavini ‘Bev’ Shah, Omnis Investments' Andrew Summers CFA, and Hargreaves Lansdown's Mona Christensen, share insights on navigating this delicate balance and upholding accountability within the industry.  #WealthManagement #ConsumerDuty #Investments

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Scottish Mortgage Trust vs. ARK Innovation: A street fight of the walking wounded 🤕 This week's article on Trustnet caught my attention — a comparison of two of the highest profile tech funds in the market: Baillie Gifford's Scottish Mortgage Trust (SMT) vs. Cathie Wood's ARK Innovation (ARKK). The price charts of both follow a similar pattern over both 5 and 10 years, although ARKK rose more strongly initially only to fall down to earth more quickly. Although both funds share similarities in philosophy and positioning by investing in disruptive businesses, there are a number of differences: ▶️ As an investment trust, SMT has access to additional tools, such as the ability to leverage its portfolio and hold unlisted assets. ▶️ Active trading approach (ARKK) vs. buy-and-hold strategy (SMT) ▶️ At the portfolio level, there are also significant differences between the two funds. For instance, Tesla is the only common stock in both funds' top 10 holdings. ARKK's portfolio is higher risk and offers exposure to crypto. SMT has a stronger emphasis on mega caps such as NVIDIA, Amazon and ASML. ▶️ ARKK is less diversified with only 30-50 holdings compared to c. 100 for SMT. ▶️SMT is more global, with sizeable allocations to Europe and emerging markets in addition to North America vs. 95% US for ARKK. ▶️ In terms of cost, SMT has a lower ongoing charge figure of 0.34% vs. 0.75% for ARKK. "When asked to pick a favourite between the two, most experts voted for SMT. Darius McDermott, managing director at Chelsea Financial Services, prefers SMT’s buy-and-hold approach, although he recognised that there have been some misses. He said: 'We like SMT’s desire to run its winners, however there have been occasional instances, such as with Moderna at its peak, where the team missed opportunities to take profit. Overall, SMT's core strategy demonstrably aligns with a long-term mindset. Also, we believe the trust’s private market exposure continues to be a significant advantage.' Another expert speaking in favour of SMT was Gavin Haynes, co-founder of Fairview Investing, who holds the investment trust. He said: 'Whilst it has had some tough times the long-term returns have been impressive. I like the trust structure which allows access to unlisted companies and the competitive charging structure. Although the glory days were largely under previous manager James Anderson, I believe that Tom Slater is now making his mark on the portfolio and the returns over the past year have been encouraging. It’s exciting to see Cathie Wood, who has such a following in the US, bring a highly active strategy via an active ETF structure to the UK market,' he said. He warned, however, that there is a significant key-person risk with ARKK as Wood is simultaneously the founder, CEO and CIO of ARK." (+++Opinions are my own. Not investment advice. Do your own research.+++) Tap the bell 🔔 to subscribe to my profile & you'll be notified when I post. 💸

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📈Markets muted response to UK Election - Same with the French Election?📉 🇬🇧Following the announcement that the Conservative Party have relinquished their 14-year reign in charge of the UK to the Labour Party on Friday after the General Election, the Pound remained steady as markets expected with a muted response. With a Labour win near enough priced in completely there wasn’t anything really to upset the apple cart. 🇬🇧Although we are due to enter the first full week with Sir Kier Starmer as Prime Minister and a Labour Government. I am sure everyone will be keeping an eye out on what is due to unfold along with the markets, volatility very much remains. 🇺🇸The Pound moved higher against the Dollar after a mixed bag of data was released on Friday, with no clear positive data from the US the GBPUSD pair managed to break a key level in the process, once again testing 3-month highs. 🇺🇸🇫🇷Looking at the week ahead, we are due the results of the French Elections that took place over the weekend, of course, depending on the outcome it can affect the Euro, currently its failed to do anything decisive following some news breaking pre official announcement. The US have inflation data out towards the end of the week, with the Chair of the Federal Reserve due to speak prior. These types of events may not always get an immediate reaction but as things progress, uncertainty still very much plays a part in the markets and with the above mentioned we may see a shift in some pairs. Please feel free to get in touch for a chat on any requirements you may have that we could help with. 📧[email protected] ☎️0203 918 5623 #orbisexchangegroup #elections #internationalpayments #marketupdate #fx #currencyrisk

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