David Fishwick is Head of Macro and Equities Investment at M&G Investments and co-fund manager of the M&G Episode Macro Fund. Dave has more than 20 years of investment management experience, having joined Prudential Portfolio Managers (now M&G Investments) in 1987 as a European economist and subsequently being responsible for forming views on global bond and currency markets and applying them to multi-asset funds. In 1994, Dave relocated to Australia where he was appointed head of fixed interest and asset allocation strategy in 1997. During that time, he developed his ideas on market behaviour and designed the strategy, philosophy and process implemented for an overlay mandate for the Prudential Life Fund upon his return to Europe in 1999. In light of the success of this mandate, the M&G Episode Macro Fund was launched in 2010, which follows the same strategy. Dave has a BSc in economics from Brunel University, London.
As we have mentioned repeatedly on this blog, the change in market mood since the pivotal moment in the middle of 2016 has been staggering.
Much has been made recently of the struggles faced by ‘macro’ managers in recent years, particularly among hedge funds. The last five years have seen relatively low returns to these strategies both in an absolute sense, but most notably relative to global equity markets.
The perceptions of poor performance have… Read the article
This certainly proved to be the case in calendar year 2016. The pro-bond and ‘safety… Read the article
It might be seen as nit-picking, but when someone asks for your views on the US Dollar, it is right to respond: “against what?”
More attention is being paid to the Dollar at the moment after recent strength. The rise in bond yields since the election and a likely rate… Read the article
Financial markets had a turbulent start to 2016. In the early weeks of the year there were steep declines in the prices of many equities and corporate bonds as concerns mounted over the significance and implications of falling commodity prices, especially for the financial system and the broader economy.
There… Read the article
Today’s standard narrative is that investors are being forced to take ever higher levels of risks because Central Banks have helped drive down the yields on safe assets.
At the same time, the investment industry is perhaps more than ever focused on the short term. Measuring the success of fund… Read the article
Our big issue to watch in 2016? Much the same as it was for 2015, and for a few years before that: what happens to the equity risk premium?
The equity risk premium is the apparent return you are offered for holding equities versus a ‘risk free’ asset*. With interest… Read the article
Behavioural finance is often associated with looking for instances of overconfidence. Most examples show that human beings are too pessimistic or optimistic, or simply understate the chance that we will be surprised. But sometimes we can also observe instances when confidence is unusually low. This is what I believe we… Read the article
We have just had a fascinating election here in the UK. Around this time many in the industry are asked, or simply feel the need, to comment on what the outcome means for investors. More often than not this comes down to short-term forecasts: ‘equities will like it if the… Read the article
The temptation when giving opinions on topics that have already been very widely commented on is to try and offer a surprising new perspective. We are supposed to find an angle no-one else has considered and present a conclusion so elaborate only expert insight and complex analysis could have come… Read the article