The World In A Week - It’s Coming Home
Written by Chris Ayton
As well publicised, the UK equity market has been unloved for many years now, particularly if you look at the more domestic mid and small capitalization universe.
Although clearly biased, a sizeable group of leaders and fund managers in the UK investment industry have been lobbying the Treasury to provide more encouragement for UK investors to invest in UK listed companies. Why, they argue, should the Treasury provide the same tax break to UK retail investors for providing capital to overseas companies like Apple or Tesla, as they get for providing capital to UK listed companies? This has prompted the Chancellor, in his Budget last week, to announce the launch of a new British ISA that will provide an additional £5,000 of tax-free ISA allowance to invest solely in UK equities or UK equity funds.
In reality, the flows that are likely to result from this measure are unlikely to significantly move the needle in monetary terms, however it is more about elevating the debate about how to get UK investors, retail and institutional, to better support UK businesses. More critical in this crusade is likely to be the government’s efforts to get the UK pension fund industry to also raise its allocation to UK companies. When I started in the investment industry, it was not unusual for UK pension funds to have 40% or more of their assets in UK equities. Today that figure, according to data from the Capital Markets Industry Taskforce, is just 2.7%. Contrast this to Australian pension funds that invest 38% of their assets in Australian equities, France that allocates 26% to French companies, Japan that allocates 49% to Japanese equities and Italian pension funds that allocate 41% to its domestic market. Less well publicised than the new British ISA, was the announcement that, going forward, UK pension funds will be forced to publish how much they have allocated to UK companies, with the additional suggestion from the government that further action will be taken if allocations are not increasing.
In the meantime, with UK equities trading at extremely cheap valuations, corporate UK is seemingly taking matters into its own hands. A standout feature of recent company earnings announcements from many of our UK equity managers’ portfolio holdings has been the prevalence of share buybacks, i.e. companies using their profits to buy their own undervalued shares, thereby increasing Earnings (profit) Per Share for the remaining shareholders.
We are also seeing a notable uptick in Mergers & Acquisitions, with UK and Overseas companies seeking to acquire UK listed companies at what they believe to be highly attractive prices. To name a few, we’ve seen Nationwide bid for Virgin Money (sending the shares up 35%), Belgian insurer Ageas making a bid for Direct Line at a 40% premium, UK logistics firm, Wincanton, accepting an offer from a US peer at 100% premium, Spirent Communications accepting a bid from a US rival at a 60% premium and UK retailer, Currys, rejecting a bid from a US private equity firm at a 40% premium, saying this significantly undervalued the company.
We are hopeful this is just the start of a long overdue revitalisation of the UK equity market. We are overweight the UK equity market in our multi-asset portfolios and we are encouraged to see an increasing number of routes that this value could get realised going forward.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 11th March 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - Californian Gold Rush.v2
Written by Cormac Nevin
Markets continued their strong run for the month last week, with the MSCI All Country World Index returning +1.4% in local currency terms and up +0.7% in GBP terms; capping a healthy return of +4.7% for the month of February to date in GBP terms. Fixed Income markets were also positive, with global government bonds, corporate credit and high yield bonds generating modestly positive gains across the board.
US Equity markets were once again among the strongest globally last week, with the S&P 500 Index of large cap US stocks returning +1.7% for the week in US Dollar terms and 0.9% in GBP terms, capping a +7.5% return for the year to date in GBP terms. This performance was again led by the largest companies in the index, who are once more dominating the weight in, and returns of, the index. The S&P 500 is now sitting at an all-time high, thanks largely to the contribution of Nvidia and other large-cap technology names. Nvidia, the graphics processor company, whose products are used for building large language models (LLM or commonly referred to as “artificial intelligence” models), announced a +265% jump in quarterly revenues (year-over-year), thanks to surging spending on datacentres for AI LLMs. The resulting surge in the share price propelled Nvidia ahead of Amazon and Alphabet to become the third most valuable listed company in the US, behind Microsoft and Apple. Whether the profits from the AI goldrush currently taking place in Silicon Valley and beyond are made by the companies most closely involved in AI, or those selling them the “picks and shovels” remains to be seen.
Another source of equity market returns last week, and for the month of February to date, has been in the Far East. After a very challenging January, Chinese equity markets appeared to stabilise in advance of the commencement of the Year of the Dragon on the 10th of February and subsequently roared back with a +10.3% gain in GBP terms for the month to the end of last week. Similarly strong gains in the Korean and Taiwanese markets have led the wider Emerging Market index to be the strongest performer for the month of February so far, making it a nice complement to the performance we have seen from the US; particularly as emerging market stocks tend to trade on dramatically lower valuations and potentially have more room to run from this point.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 26/02/2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - US markets soar, while Japan reaches new highs
Written by Dominic Williams
Last week, the S&P 500 Index, regarded as the primary gauge for US large-cap stocks, achieved a historic milestone by surpassing the significant 5,000 mark for the first time. This symbolises the strength of the US market, despite a period of elevated interest rates. However, this market upswing continues to be driven by a select few, notably Nvidia and Meta, with small cap indices and equally weighted indices significantly behind.
In Japan, both major indices exhibited strong performance. The Topix, a broad market-weighted index, reached its own record high, hitting a 34-year peak of 2,576 points following a weekly growth of 0.72% in local currency terms. Additionally, the Nikkei 225, a price-weighted index, climbed above 37,000 points for the first time in 34 years, experiencing a growth of 2.04% in local currency terms. These impressive performances were fuelled by strong foreign interest in Japanese stocks and a weakening Yen, which continued its decline against the Dollar following a speech delivered by the Deputy Governor of the Bank of Japan. The governor's subdued outlook on the prospect of rate hikes from the Central Bank contributed to market sentiment, stating, "even if the bank were to terminate the negative interest rate policy, it is hard to imagine a path in which it would then keep raising the interest rate rapidly".
On Thursday, China released its latest inflation figures, revealing year-on-year deflation in January 2024. The Consumer Price Index (CPI) showed a 0.8% decrease in prices, the largest decline in over 14 years, exceeding market forecasts of a 0.5% fall. This deflationary trend was attributed to sectors reliant on consumer demand, such as electrical goods and automotive industries, which have been offering discounts and reducing prices amid declining consumer spending.
At the beginning of the week, the Office for National Statistics (ONS) in the UK released an update to its Labour Force Survey, based on reweighted survey results. The update indicated that for the period spanning September 2023 to November 2023, the unemployment rate stood at 3.9%, which is lower than the previously reported 4.2%. Additionally, the Halifax House Price Index, released last week, indicated a 2.5% year-on-year increase in house prices in January 2024. This follows a recent downtrend in mortgage rates from lenders amid heightened competition, a decrease in inflationary pressures for consumers, and a more resilient labour market evidenced by the previous revisions of unemployment figures.
These data points underscore the UK's unexpected resilience, potentially delaying the Bank of England's plans to reduce rates in response to stronger-than-anticipated data.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 12 February 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - Some big tech names rallied forwards, while central banks stood still
Written by Shane Balkham
It was mixed results for some of the Magnificent Seven, the name coined to describe the largest of the US technology companies. Both Meta and Amazon reported strong earnings, which sparked a rally in the share prices of these two companies. This was in contrast to the fortunes of both Alphabet and Apple, who saw a sell-off in their shares, whose earnings were below the high market expectations. Meta stole the show though, with an announcement of plans to buy back an additional $50 billion in shares and issue its first ever quarterly dividend.
Aside from the earnings updates from big tech, we had the central banks of the UK and US meeting last week, to decide on the immediate level of interest rates and give guidance on the future path of rates.
The Bank of England announced that it would keep interest rates on hold, citing the need for more evidence that inflation would continue to fall. However, Governor Andew Bailey did confirm that the central bank has seen good news on inflation over the past few months. It is likely that the next move from Bank of England will be a cut in rates and the decision is now when and by how much.
This was evidenced by the breakdown of the vote within the Monetary Policy Committee. It was interesting to see that two members voted to raise rates, and that a majority of six members continued to vote to maintain rates, but we had the first vote to cut rates.
As we wrote last week, the US economy was reported to have grown strongly in 2023, leading to expectations that the US Federal Reserve will hold rates at their current level once again. On Wednesday, the Federal Open Market Committee did indeed keep rates on hold, commenting on the current market conditions as being too strong to consider a rate cut at this time.
The probability of a rate cut in March was dealt another blow on Friday, as employment data was published showing that the US economy added 353,000 jobs in January, almost twice that of the consensus expectation. The Fed has consistently put employment as one of the key metrics for measuring policy response to inflation and with such strong numbers, the likelihood of a rate cut in Q1 is as low as it has been.
Although the US Central Bank is politically independent, it did not stop Donald Trump accusing Jermone Powell of helping the Democrats. Trump is interpreting the forecast of rate cuts this year as aiding Joe Biden, rather than attempting to control inflation. A clear example of how politics will dominate the headlines this year and we are still nine months away from the election.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 5 February 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - Sustained Growth and Inflation Trends
Written by Ilaria Massei
Last week brought positive news for the US economy, as it was revealed that it grew at an annualised rate of 3.3%, in the final quarter of 2023. This strong performance marked the conclusion of a robust 2023, defying earlier concerns of a potential recession. This week will see the Federal Reserve (the Fed) officials making their decision on monetary policy and with super core inflation, which excludes food, energy, and housing inflation, still above the Fed’s 2% target, there seems to be room for the Fed to maintain a patient approach towards their first reduction in interest rates.
In the Eurozone, the European Central Bank (ECB) decided to keep interest rates unchanged. The central bank is adopting a cautious stance, waiting for disinflationary trends to persist before making any conclusive decisions. The ECB President Lagarde faced questions about her performance, following an ECB staff poll where more than half of the respondents viewed her leadership negatively. The coming months will be crucial for the ECB to avoid repeating past mistakes and ensuring a stable economic trajectory.
The Bank of Japan (BoJ) left its monetary policy unchanged as anticipated. Although growth and inflation projections remained subdued, Governor Ueda hinted at signs of higher wage increases, which could signal the beginning of a wage-price spiral and hopefully increased consumer spending. However, the overall sentiment was that Japan’s loose monetary policy is unlikely to be radically changed in the near term and that future changes will be slow and gradual.
In the UK, recent disruptions in the Red Sea are impacting business costs and the economic outlook. The latest Purchasing Managers' Index (PMI), released last week, noted that supply disruptions in the Red Sea led to longer journey times, lifting factory costs. This comes at a time of already elevated price pressures in the service sector. Input prices in the manufacturing sector rose for the first time since last April, due to shipping disruptions, potentially contributing to a pickup in inflation. The UK is seen as a region where inflation could remain volatile and structurally higher, and the disruptive political backdrop adds an additional layer of risk, particularly from a government bond (gilt) perspective.
With headline economic data in China remaining weak, the People’s Bank of China declared a 25-basis points reduction in interest rates for refinancing and rediscounting loans, to provide support to the agricultural sector and small businesses. On the back of this news and in anticipation of further economic stimulus, the MSCI China Index rebounded over the last week, recovering some of the lost ground from a challenging start to 2024.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 29th January 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - Decoding economic data
Written by Ilaria Massei
Data released last Wednesday show that, in December 2023, the UK faced an unwelcome rebound in the annual inflation rate, reaching 4% and surpassing market predictions. This increase was largely due to alcohol and tobacco prices, which rose by 12.9%. The core inflation rate, which excludes some volatile items like energy and food, stood at 5.1%, slightly above the forecasted 4.9%. However, retail sales declined by a greater than expected 3.2% in December 2023, following a revised 1.4% increase in the previous month. The current picture in the UK suggests that the restrictive monetary policy is affecting consumers, while inflation remains well above the target of 2.0%. This will undoubtedly present some challenges for policymakers going forward.
Elsewhere, the US witnessed a significant month-over-month increase of 0.6% in retail sales for December 2023, beating forecasts of 0.4%. This upswing, driven by a 1.2% surge in auto sales, follows a 0.3% rise in November. The U.S. economy has broadly held up well and the question for markets will be whether this ongoing strength risks leading to an unwelcome rebound in inflation.
The core consumer price index (CPI) in Japan recorded a year-on-year increase of 2.3% in December, slightly lower than the 2.5% reported in November. Headline wage growth also experienced a significant slowdown in November. This data brought into question the expectations of those investors who believed that the Bank of Japan (BoJ) might raise interest rates multiple times in the coming year. The central bank has consistently communicated its commitment to maintaining an ultra-accommodative monetary policy stance until it observes a sustained inflation uptick driven by wage growth. The Yen unsurprisingly weakened on this news.
It is notable that, among the ongoing uncertainty and mixed data signals, the market consensus seems to be lacking strong consensus and is as widely spread in terms of short-term views. Looking further out, we see many attractive investment opportunities, but we believe maintaining a well-diversified portfolio becomes crucial to capturing these asymmetries in a risk-controlled manner going forward.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 22nd January 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - Chinese Delicacy
Written by Chris Ayton
Markets were mixed over the week. The UK equity market continued to give back some of its year end gains, with the FTSE All Share Index -0.7% over the week. Conversely, MSCI Japan was up over 4% in GBP terms, with the index hitting a 30+ year high, as foreign flows into the market continued to be positive, supported by optimism around continued stimulus and corporate governance reforms. Overall, the MSCI All Country World Index of global equities was up +1.3% for the week, while bonds, as measured by the Bloomberg Global Aggregate Index Hedged to GBP, gained +0.5%.
On Friday, it was announced that the UK economy had rebounded 0.3% in November, driven by growth in the services sector with car leasing and strong Black Friday sales supporting the growth. Although this news was taken positively, December data will determine whether the UK economy has avoided the technical recession in 2023 that many forecasters expected at the beginning of the year. Markets took the news positively, pricing in a slightly higher chance that the Bank of England will begin to cut interest rates in May.
Elsewhere, China’s consumer price index (a key measure of inflation), fell 0.5% in December, in deflationary territory for the third consecutive month, as consumer sentiment remains weak and the property sector remains stuck in the doldrums. That said, leading economic indicators that we look at internally show a notable pick-up in activity in certain key areas of the economy in China. Some loosening of fiscal and monetary policy in Q4 2023 and some targeted help for the property sector will take time to come through. Whether these moves will be strong enough to offset the deflationary pressures remains to be seen. However, with China’s equity market at rock bottom valuations, any rebound in the economy could provide attractive upside for equity markets in China and across associated Emerging Market indices.
Taiwan went to the polls on Saturday, with the incumbent Democratic Progressive Party (DPP) winning a third term in office. Unlike its opposition parties, the DPP continues to refuse to consider Taiwan part of China, resulting in ongoing tensions with its superpower neighbour. However, it was notable that the DPP won with a much reduced share of the vote and lost its majority in the legislature, perhaps providing some encouragement to China that a peaceful and diplomatic solution can be found to deliver greater cooperation going forward.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 15th January 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week - New Year Hangover
Written by Cormac Nevin
Markets were challenged in the first trading week of 2024, perhaps recovering from the exuberance witnessed in the final two months of 2023. The MSCI All Country World Index of global equities was down -1.6%, while bonds, as measured by the Bloomberg Global Aggregate Index Hedged to GBP, were also down -0.8%. Much like over the course of 2023, markets are somewhat anxious about employment and inflation data, and whether they are cooling sufficiently to allow global central banks to firmly discard any prospect of future interest rate increases.
Certain economic data released last week did not help with this endeavour, and likely provided less rather than more clarity. Non-Farm Payrolls in the U.S., a measure of how many jobs the economy added, came in higher than anticipated at +£216k. This saw the unemployment rate tick down from 3.8% to 3.7%. However, this is essentially a first draft of the numbers – and it is interesting to note that the strength of the previous release was revised downwards from +£199k to +£173k. Downward revisions of initial data have been a persistent theme of 2023, and one that has the potential to continue. Markets tend to trade on the initial release, and less so on the revised numbers.
Another interesting, and somewhat conflicting, set of data for markets was the release of ISM (Institute for Supply Management) surveys of business conditions across the U.S. to attempt to gauge the economic climate in a maximally forward-looking way. The “diffusion indices”, which they released last week, survey hundreds of firms in multiple industries and ask whether conditions are improving or disimproving and how those responses are diffused throughout the sample set. These painted a less rosy picture of economic health, with the ISM Services Purchasing Managers Index (PMI) coming in weaker than expected, and barely in expansion territory. Even more significant, the ISM Services Employment Index (SEI) came in with one of the worst month-on-month changes in its history; weakening significantly into contraction territory.
Kale smoothies, couch-to-5k initiatives and similar remedies may be the order of the day this dry January, but the economic picture may be less healthy. Investors should however seek comfort in the fact that this should give central banks increasing freedom to prioritise supporting the economy over controlling inflation.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 8th January 2024.
© 2024 YOU Asset Management. All rights reserved.
The World In A Week – The busier the economic calendar, the bigger the surprise
Written by Ilaria Massei
A big surprise on Tuesday came from the number of job openings in the U.S. which decreased by 617,000 from the previous month to 8.7 million in October 2023, marking the lowest level since March 2021 and falling below the market consensus of 9.3 million. The data on job openings seemed to drive a continued decrease in long-term interest rates over the week, with the yield on the benchmark 10-year U.S. Treasury note hitting a low of 4.1% on Thursday. However, Yields then rebounded in the wake of the payrolls’ report on Friday, which surprised slightly on the upside with employers adding 199,000 jobs in November versus consensus expectations of around 180,000. The unemployment rate also surprised by falling back to 3.7% from a two-year high of 3.9% in October. As a reminder, this data is important as the Federal Reserve wants to see a weaker US labor market before it will consider cutting interest rates in order to ensure inflation does not re-emerge.
Elsewhere, in Germany, industrial output fell for a fifth consecutive month in October, sliding -0.4%. Factory orders unexpectedly dropped -3.7%. On a separate note, the European Central Bank (ECB) Executive Board member Isabel Schnabel signalled a shift to a dovish stance in an interview with Reuters, saying, “the most recent inflation number has made a further rate increase rather unlikely.” Activity in the UK’s construction sector fell sharply for a third month in a row in November, due to a continued slump in homebuilding, according to a Purchasing Managers’ Index compiled by the S&P Global and the Chartered Institute of Purchasing and Supply.
Statements from The Bank of Japan (BoJ) officials in the week, led some investors to deduce potential preparations for an earlier-than-expected adjustment in the ultra-accommodative monetary policy. This included speculation that the removal of the negative interest rate policy might follow shortly after any potential lifting of the BoJ’s yield curve control policy.
Last Tuesday, Moody’s revised its outlook for China’s government bonds, shifting from "stable" to "negative," citing concerns about the economic risks posed by heavily indebted local governments and state firms. This downgrade represents the latest challenge for China's financial markets, already struggling with a prolonged property market downturn and diminishing confidence among consumers and businesses. In response, Beijing has implemented numerous pro-growth measures this year to stimulate demand, yet analysts argue that these efforts have proven inadequate to revive the economy.
This is the last World In A Week for 2023, this communication will resume on Monday, 8th January 2024.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 11th December 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Print Preview
Written by Millan Chauhan
This edition marks almost exactly 12 months since the US banking crisis unfolded, which saw three mid-size banks fail after the mismanagement of their portfolio construction. Since then, we have seen inflation slow down significantly to 3.2%, the S&P 500 hit all-time highs and the Federal Reserve finish their interest rate hiking cycle. Markets have been driven by several themes, which have included greater capital expenditure on semi-conductors and graphic processing units (GPUs), as demand for AI infrastructure increased. There has also been very strong trial results from GLP-1 drugs, which can be used to treat obesity, and markets are excited by the expectations of future interest rate cuts.
Last week, we saw the US Labor Department’s consumer price index in the 12 months to February come in at 3.2%. Core inflation (which removes energy and food) came in slightly above expectations at 3.8%, in the 12 months to February. This was largely due to the higher shelter costs, which include rental costs and house ownership costs which increased by 5.7% in the 12 months to February. The Federal Reserve are due to meet this week to make their interest rate decision, expectations are that the Federal Reserve will keep rates at their current range of between 5.25% and 5.50%.
Elsewhere, there was some positive news that the UK could be recovering from recession, as GDP increased by 0.2% in January. In addition, the UK inflation rate is expected to fall to 3.6% in the 12 months to February, when data is released on Wednesday morning. These are certainly encouraging signs for the UK economy but expectations are that the Bank of England will keep rates steady when they meet this Thursday.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 18th March 2024.
© 2024 YOU Asset Management. All rights reserved.