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TAM Market Insights
Stay ahead with expert commentary and timely updates
News, articles and insights should not be considered as advice and when investing you should seek professional advice to make sure it is suitable for your knowledge, experience and personal circumstances. Investments can rise and fall and you may get back less than you put in. All content was considered correct at the time of writing and we are not responsible for any errors, omissions or changes.
TAM Market Insights
Deep-dive analysis into long term trends, investment themes, and portfolio strategy curated by TAM’s research team.
TAM Market Insight : August 2026
Who’s really driving?
Passive investing offers efficiency, transparency and lower costs, but even a driverless car needs a destination. Our latest note explores why index investing still requires judgement and how TAM’s Active and Enhanced Passive portfolios combine distinct investment approaches with professional oversight and risk management.
TAM Market Insight : August 2026
The Price Of Money Has Changed
Long-term borrowing costs are rising across major economies, challenging assumptions formed during years of ultra-low interest rates. From the US and UK to France and Japan, bond markets are sending an increasingly similar message. We look at what the changing price of money means for markets, portfolios and TAM’s current positioning.
TAM Market Insight : August 2026
Don’t Chase Every Shot
With markets reaching record highs, investors could be forgiven for thinking they are hitting the skin off the ball. Inspired by his first golf lessons, TAM Europe analyst André looks at why chasing every shot, whether in golf or investing, rarely leads to the best score.
TAM Market Insight : July 2026
The Return of Balance
After years of market returns driven by a narrow group of companies, broader participation across sectors and regions is creating new opportunities for diversified investors. Discover our latest market outlook and how our portfolios are positioned for the months ahead.
TAM Market Insight : July 2026
After the Opening Whistle
The World Cup has moved into the knockout stages, and markets continue to evolve. In this latest Insight note, we revisit an important investment lesson: successful investing is not about reacting to the latest headline, but adapting as the story unfolds.
TAM Market Insight : June 2026
The Opening Whistle
The World Cup has barely kicked off, yet many fans have already chosen their winners. In this latest article, Portfolio Analyst Nimee explores why investors should be equally cautious about mistaking early momentum for certainty, and why patience, diversification and perspective still matter.
TAM Market Insight : June 2026
Crossing Borders
Investment management is increasingly global. Regulation and tax remain highly local. Following a recent visit to TAM Europe in Spain, we explore how advisers are navigating the growing complexity of cross-border investing and why implementation is becoming just as important as investment selection itself.
TAM Market Insight : May 2026
When markets disagree
Bond markets and equity markets are sending very different messages right now. The question for investors is whether one of them is wrong, or whether both are highlighting different parts of an increasingly complex global picture.
TAM Market Insight : May 2026
The Strait and narrow
Recent events around the Strait of Hormuz are a reminder that energy security, supply chains and geopolitics still matter enormously for markets. In this latest investment note, we explore why markets continue to rise despite growing risks, the increasing concentration around AI-related equities, and what this means for portfolio position...
TAM Market Insight : April 2026
A view from Hong Kong
Recent observations from Hong Kong highlight Asia’s continued dynamism, China’s evolving complexity, and why disciplined, selective global investing remains essential. We explore regional opportunity, geopolitical risk, and practical cross-border challenges facing advisers and investors today.
TAM Market Insight : April 2026
Quarterly Investment Perspective – Q2 2026
Our Q2 2026 Investment Perspective outlines our latest view on markets, portfolio positioning and key risks. Following a volatile first quarter, we take a balanced and flexible approach, reflecting both improved opportunities and ongoing uncertainty across global markets.
TAM Market Insight : April 2026
Experience Shapes Expectations
In this latest market update, we reflects on how a decade of quick market recoveries may be shaping investor expectations. Despite ongoing geopolitical tensions, markets have continued to rise, reinforcing the belief that setbacks are temporary The note explores why this may not be a reliable guide to the future and why diversification an...
TAM Market Insight : March 2026
Market Update: So… Who Blinked?
Following last week’s “who blinked” moment, markets have quickly shifted focus to oil prices, inflation and interest rate expectations. Phil discusses what has changed over recent days, why markets have become more volatile, and how portfolios are positioned.
TAM Market Insight : March 2026
Who Blinks First?
Markets have weakened following a sharp escalation in US/Iran tensions. Rising energy prices are beginning to shift inflation expectations and could delay rate cuts. Our cautious positioning, with lower equity exposure and limited duration, is helping to navigate the volatility.
TAM Market Insight : March 2026
Middle East Escalation: Market Perspective
Middle East tensions have escalated and markets have reacted with weaker equities and higher oil. We outline the key risks, including inflation, energy supply and central bank response, and explain how diversified portfolios are positioned to manage volatility calmly and deliberately.
TAM Market Insight : February 2026
Investment Perspective Q1 2026
The 2026 investment landscape is finely balanced, with supportive earnings and policy expectations tempered by elevated valuations and persistent geopolitical risks. TAM portfolios remain cautiously positioned and modestly underweight equities, selective in alternatives, and neutral in fixed income reflecting reduced margin for error but ...
TAM Market Insight : January 2026
A Healthier Kind of Volatility
Markets are becoming more selective. Investors remain engaged, but with greater discipline, as capital rotates away from crowded areas and towards a broader range of opportunities. This environment rewards diversification, valuation awareness, and active decision-making. At TAM, we build globally diversified portfolios designed to navigat...
TAM Market Insight : December 2025
2026 Outlook: From Concentration to Broadening Opportunity
A year-end investment outlook reflecting on the resilience of markets in 2025 and the risks and opportunities shaping 2026. The note explores AI-driven concentration, the case for broader market leadership, and how diversified portfolios are positioned across equities, fixed income, and regions.
TAM Market Insight : December 2025
A Budget for Credibility, Not Transformation
The UK’s Autumn Budget delivered steady policy rather than major reform. Our latest note explains the key measures, the likely impact for UK savers and markets, and why TAM increased its gilt exposure ahead of the announcement.
TAM Market Insight : November 2025
Excuse me Sir, I think your shorts are on fire!
It won’t be lost on many that 2025 has been a gangbusters year for stocks, global equities up nearly 20% in 2025 in dollar terms and that’s including a pretty spicey sell off in April around Trump’s tariffs. If one looks at the rally in the aftermath of that sell off you will see global equities having rallied 33%, almost in a straight li...
TAM Market Insight : November 2025
Discernment Over Cynicism: Seeing Markets for What They Are
Markets have continued to rise this year, bringing talk of bubbles and corrections. But headlines often sound more dramatic than the data suggests. This note from TAM explains why market commentary can be so negative, what history tells us about long-term returns, and how advisers can help clients stay focused on what matters.
TAM Market Insight : October 2025
US Shutdown: Politics Versus Portfolios
The US government has entered another shutdown after lawmakers failed to pass a budget. These events often make headlines, but their impact on markets is usually small and temporary. We look at what this means for investors and why our portfolios remain positioned for the long term.
TAM TALKS - Weekly Update : September 2025
Rate Cuts, Sector Swings, and Europe’s Next Moves
The U.S. Federal Reserve cut interest rates by 25 basis points this week — its first rate cut since December.
TAM Market Insight : September 2025
The Iceberg Principle: Markets Above, Risks Below
Markets have continued to climb in 2025, defying concerns over US growth, inflation and global tensions. Yet like an iceberg, much of the investment story lies beneath the surface. We explain how TAM is managing portfolios to capture the upside while preparing for risks that are less visible.
TAM TALKS - Weekly Update : September 2025
Inflation Peaks, Gold Surges, and Fed Cut Odds Rise
Inflation shows signs of peaking, fueling a surge in gold as investors seek safe havens. At the same time, rising expectations of a Fed rate cut add momentum to shifting market dynamics.
TAM TALKS - Weekly Update : August 2025
Markets Find Relief as Fed Shifts Tone
Political instability, trade tensions, and lower bond yields create a complex environment for investors, acting as both a headwind and a potential support for markets. Solid business activity, however, helps stabilize European markets by providing a counteracting force to these various uncertainties.
TAM TALKS - Weekly Update : August 2025
Markets Walk the Tightrope
Global financial markets navigate a precarious balance between growth and risk, with factors like inflation and geopolitical tensions creating an unstable tightrope. Investors and institutions must carefully move forward, as any misstep could lead to significant market volatility.
TAM TALKS - Weekly Update : August 2025
Tariffs, Rate Cuts, and Resilient Earnings Shape the Week
European corporate earnings show resilience, led by finance and healthcare sectors, despite pressures from tariffs and a strong euro. The BoE's surprise rate cut and easing geopolitical tensions offer some market relief, yet trade-related uncertainty persists due to new U.S. tariffs. Investors are cautious ahead of key economic and politi...
TAM TALKS - Weekly Update : July 2025
The 15% Compromise
Markets welcomed a partial EU–US trade deal, avoiding a full-blown trade war, though a 15% tariff on key EU exports remains. AI optimism and strong US tech earnings—especially from the "Magnificent Seven"—continue to drive market performance despite broader economic disparities. Attention now shifts to China and Russia, with geopolitical ...
TAM TALKS - Weekly Update : July 2025
Strong Earnings Calm Inflation Fears
Positive corporate profit reports are easing concerns about rising inflation, suggesting companies can manage higher costs. This has shifted investor focus to the fundamental strength of businesses, boosting market confidence.
TAM TALKS - Weekly Update : July 2025
The Boy Who Cried Tariff
Last week showed how markets grow numb to constant threats—what once sparked panic now gets little reaction. The media even dubbed this desensitisation the "TACO Trade"—Trump Always Chickens Out.
TAM TALKS - Weekly Update : July 2025
Tariffs, Debt, and No Fear
The trade outlook remains murky as the US tariff pause expires on 9 July. The US is back in hardball mode, but markets seem numb to Trump’s threats and reversals as stocks keep pushing to record highs.
TAM TALKS - Weekly Update : July 2025
Dodging Bullets, For Now
This was a week when everything could’ve gone wrong—but didn’t. Quite the opposite. Israel and Iran agreed to a ceasefire (for now), oil prices fell—easing inflation concerns—and US economic data continues to soften just enough to make rate cuts more likely, without sparking recession fears.
TAM TALKS - Weekly Update : June 2025
TAM Talks - Weekly Update - 24th June 2025
Markets were jolted early Monday after U.S. strikes on Iranian nuclear targets sparked fears of supply disruption.
TAM Market Insight : June 2025
Iran, Israel and the US: Markets on Alert Amid Escalation
Tensions between Iran, Israel, and now the US have escalated, driving oil price volatility and market uncertainty. We explore the military developments, inflation risks, and what they mean for interest rates, investor sentiment, and portfolio positioning.
TAM TALKS - Weekly Update : June 2025
Cooling Prices, Hot Politics
Markets entered the week hoping for calm and got just enough of it—until oil surged late Friday on renewed Middle East tensions.
TAM TALKS - Weekly Update : June 2025
Markets Climb as Musk and Trump Go Full Springer
The largest tax cut in American history—delivered a major plot twist, reigniting concerns over deficits and a ballooning national debt. It also triggered a public fallout between Trump and Elon Musk, playing out in true Jerry Springer Show fashion across social media
TAM Market Insight : June 2025
US Equities: Overvalued, Overloved, or Overlooked?
US equities remain a source of debate, with high valuations and concentration risk raising concern. Yet strong consumer spending, AI-driven innovation, and passive inflows continue to support the market. We explore the risks, the resilience, and where value may still lie.
TAM TALKS - Weekly Update : June 2025
Risk-On—But Keep the Umbrella Handy
There’s no shortage of potential problems—but none have fully materialised. It’s a timely reminder that, amid all the angst, the biggest risk for investors is often being out of the market.
TAM TALKS - Weekly Update : May 2025
Trump Bluffs—Markets Bite
Despite the mantra “never trade on politics”, markets continue to act in haste. Our focus on mitigating volatility remains valid—but just as important is staying alert to behavioural traps. In times like this, clear communication with clients goes a long way.
TAM Market Insight : May 2025
Unpacking the New Playbook: Tariffs, Trade, and the Road Ahead
Whilst recent moves by the US administration have unsettled markets, a tentative de-escalation in US/China relations offers some relief. In this note, our investment team explores what these developments mean for investors, how different regions are responding, and how we are positioning in light of both near-term risks and long-term oppo...
TAM TALKS - Weekly Update : May 2025
Relief rally or false comfort?
The latest market rally can only be described as relief exuberance. The word on the street is still “Trump crashed the markets”—but has he? Global equities have quietly risen in 17 of the last 19 sessions
TAM TALKS - Weekly Update : May 2025
TAM Talks - Weekly Update - 12th May 2025
Markets have been behaving like a swan in recent weeks—calm on the surface, but paddling furiously underneath. Reports that US and Chinese officials were meeting in Switzerland for trade discussions helped lift market sentiment, as investors hoped for tariff de-escalation.
TAM TALKS - Weekly Update : May 2025
TAM Talks – Weekly Update – 6th May 2025
Encouraging news on trade—including a softening in auto tariffs and China waiving its 125% tariffs on some US products—markets were buoyed by strong earnings from Microsoft and Meta.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 29th April 2025
Yesterday, Spain experienced the worst power blackout in its recent history. we want to reassure our clients that investments remain unaffected and operations at TAM continued as normal.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 23rd April 2025
Trump wants lower rates and continues to put pressure on Fed Chair Jerome Powell—calling him “Mr. Too Late”
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 16th April 2025
The Trump roller coaster that began on ‘Liberation Day’ saw the S&P 500 rally 5.7% last week—including a nearly 10% surge on Wednesday—after Trump announced a 90-day pause on tariffs and reduced levies for many countries.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 9th April 2025
The financial world is always shifting, with new developments influencing markets and economies. Here’s our take on some of this week’s noteworthy financial news.
TAM Market Insight : April 2025
Panic Is Not A Strategy
Markets have witnessed the highest volatility since covid and the financial crisis of 2008. In this timely note we discuss having a, and importantly implementing, a long-term plan is vital for investment success and how making panicked decision should be avoided.
TAM Market Insight : April 2025
Tariffs, to escalate or de-escalate, that is the question
Trump’s sweeping new tariffs have reignited global trade tensions. Learn how TAM is positioning portfolios defensively while preparing to capture future opportunities.
TAM TALKS - Weekly Update : April 2025
Jobs Climb, Tariffs Loom: Powell's Balancing Act Continues
The U.S. economy added 228,000 jobs in March 2025, far surpassing expectations and highlighting the ongoing resilience of the labour market
TAM Market Insight : April 2025
Dark Clouds on the Horizon. Should I worry?
Following a volatile start to 2025, many investors are questioning what recent market movements mean for their portfolios. In this latest insight, Phil Hadley explores what’s driving the turbulence, why this is not a time to panic, and how TAM portfolios built around active management and true diversification are holding up well despite t...
TAM TALKS - Weekly Update : March 2025
UK Inflation falls more than expected in February
UK CPI dropped to 2.8% in February, the lowest since 2021, raising expectations for rate cuts later this year.
TAM TALKS - Weekly Update : March 2025
Latest Federal Reserve meeting sees US rates on hold
The US Federal Reserve decided to keep interest rates on hold.
TAM Market Insight : March 2025
NO PAIN, NO GAIN
In his latest market insight, "No Pain, No Gain," James Penny, CIO of TAM Asset Management, explores the current market landscape, the impact of U.S. economic policy shifts, and the growing appeal of global diversification. At TAM, we believe this volatility presents opportunities for investors willing to take a broader, more strategic ap...
TAM TALKS - Weekly Update : March 2025
US job creation at 151k in February, slightly weaker than estimates
The US economy added 151,000 jobs in February which was slightly below what the market was expecting of 160,000. Alongside this, unemployment for the US crept up to 4.1% against expectations it would remain flat at 4%.
TAM Market Insight : March 2025
Taking the temperature of 2025
Markets are shifting, and investors are adapting. With a broadening focus beyond US tech, Europe and value stocks are taking the lead. TAM remains ahead of the curve, positioning portfolios to capture emerging opportunities while managing risk. Stay informed with our latest insights.
TAM Market Insight : February 2025
In a partisan world, European peace unites us all
Europe’s market momentum is building, driven by hopes of a Ukraine ceasefire and renewed investor confidence. With a strong start to 2025, TAM is actively positioned to capture opportunities while maintaining a defensive edge. Read our latest insights on what’s next for global markets.
TAM TALKS - Weekly Update : February 2025
US inflation surprises to the upside in January
Inflation in the US unexpectedly rose in January to 3%.
TAM Market Insight : February 2025
The Toll of Tariffs
Trump’s new tariffs on Canada, Mexico, and China are shaking markets. Discover how trade tensions, inflation, and interest rate shifts could impact investors in our latest market update.
TAM Market Insight : February 2025
Insurance: Better to buy ten years too early than one minute too late
2024 was a standout year for markets, and while we remain optimistic for the year ahead, history reminds us that staying prepared is just as important as staying invested. Just as you wouldn’t drive without insurance, portfolio protection can be key in uncertain times. While we don’t expect a downturn, the right hedging strategies can hel...
TAM TALKS - Weekly Update : February 2025
U.S. jobs growth comes in weak
The U.S. Bureau of Labor Statistics reported that the economy added 143,000 jobs in January, below the anticipated 170,000
TAM Market Insight : January 2025
Q1 2025 Market Update
Discover key market insights for Q1 2025, including opportunities in equities, bonds, and beyond. Read TAM’s latest market update now
TAM TALKS - Weekly Update : January 2025
UK Inflation Eases, However Core Pressures Persist
UK inflation eased to 2.5% in December, down slightly from 2.6% in November, as energy and transport costs continued to decline.
TAM Market Insight : January 2025
2025 Sharia Portfolio Outlook: Navigating Growth and Challenges
Discover how TAM’s Sharia portfolios are positioned for 2025, balancing opportunities in AI, Sukuk, and U.S. markets with a cautious approach to geopolitical risks and evolving standards.
TAM TALKS - Weekly Update : January 2025
US posts another blockbuster jobs number for December
The US economy posted another blowout jobs number in December with 256,000 jobs created.
TAM Market Insight : December 2024
2025 Portfolio Outlook
As 2025 approaches, the US market remains the focal point for investors. While optimism is high, potential risks call for careful positioning. Discover how TAM is balancing opportunities with diversification to navigate the year ahead.
TAM Market Insight : December 2024
Navigating Key Trends and Opportunities for 2025
TAM's ESG Analyst, Dan, explores the challenges and opportunities in sustainable investing as we head into 2025. From climate concerns to regulatory advancements, the note highlights how TAM’s Sustainable World portfolios are positioned to navigate this evolving landscape and deliver long-term value for clients.
TAM Market Insight : December 2024
Navigating the ‘Trump Trade’
Donald Trump’s return as the 47th President of the United States has already begun to shake up the markets. In this note, James Penny reflects on TAM’s swift response to the election outcome, shares insights on key policy impacts on portfolios, and discusses what we might expect from Trump’s first 100 days and beyond.
TAM Market Insight : September 2024
The new gold rush
Gold has returned 22% in the last six months driving the metal to all-time highs in US dollars as well as multiple other currencies. The question investors must ask is whether this is a cyclical move, or has gold proved itself as a building block within portfolios?
TAM Market Insight : September 2024
How Magnificient is AI
Twist and turns in the Magnificent 7 have propelled the S&P 500 beyond what many investors have expected. Optimism surrounding the utility of artificial intelligence (AI) to transform businesses have led a ‘gold rush’ to beneficiaries of the technology.
TAM Market Insight : September 2024
The Fed and Tokyo: Correction or Contagion?
After a strong rally since the start of the year, the first week of August saw a deeply negative period for developed markets.
TAM Market Insight : July 2024
The UK election: Will it or won’t it influence the market?
With the British Prime Minister, Rishi Sunak, recently announcing a snap general election taking place on the 4th of July, it is worth taking a look at how TAM think this is going to play out in the market.
TAM Market Insight : April 2024
THE SQUEEZE ON FEES
Are we now in a “race to the bottom” paradigm where DFMs are being pressured to slash fees to compete for assets whilst still offering value for clients? In this Market Insight we explain why we do not believe this is the case.
TAM Market Insight : April 2024
INFLATION: STAYING DOWN OR RISING BACK UP?
Any movie watcher will know that well-trodden scene in which the hero puts the villain to the sword, turns around triumphantly only to see the same villain rising ominously behind them ready for action. In this Market Insight we discuss inflation and is it really under control?
TAM Market Insight : April 2024
'YOU HAVE TO KNOW THE PAST TO UNDERSTAND THE PRESENT'
In the first three months alone, stock markets have already met or exceeded their targets for the entirety of 2024. Some will see this as a sell signal and others, a buy signal. Well, that’s what makes a market. In our Market Insight we take stock of an exciting start to the year.
TAM Market Insight : April 2024
TAM Sharia: Where we've been and where we're going
2023 has drawn to a close and investors are beginning to open the bonnet of their portfolios to check which areas need tweaking.
TAM Market Insight : January 2024
Sustainable investing: Another year older
Our Sustainable/ESG focused portfolios are another year older but are we as investors another year wiser? In this note we review the five important lessons learnt in throughout 2023.
TAM Market Insight : January 2024
Hang on in there, the market is on the mend
2023 has largely been a year of lacklustre performance with just 7 behemoth tech stocks in the US delivering virtually all the market performance. Whilst investors have piled into these AI related investments there has been a lot more to get excited about. In this note we review the current landscape and some views for 2024.
TAM Market Insight : October 2023
We meet again, Mr. Bond - Opportunity in fixed income
Last week, Fed Chairman Jerome Powell said that inflation is still too high despite easing slightly recently, and slower economic growth is likely needed for it to return to the central bank’s 2% target. This week we have had stronger US growth numbers, but weaker employment numbers. With rate decisions on a knife edge read how TAM are al...
TAM Market Insight : October 2023
Soft landing or hard landing? Take your pick
Ask any seasoned investor and they will tell you this year has been particularly tricky to call. Our investment team were recently in a meeting with a 20-year economics veteran at one of the largest investment houses in the city.
TAM Market Insight : September 2023
Artificial Intelligence (AI) Technology: World Changing or Ending?
AI has certainly become a household topic in 2023 and impacted many company and sector valuations. We discuss the issues and what we should be focusing on going forward.
TAM Market Insight : June 2023
The risk of outperforming this market
Do strong stock market gains tell the whole story? James Penny discusses the story behind the story and concludes that its critical for clients to realise how important it is to spread investments over different scenarios, outcomes, and opportunities.
TAM Market Insight : April 2023
FANGs bite back: A view on Q1
After a shocking 2022 for growth stocks, 2023’s Q1 market will go down in history as one of the most potent rallies in the history of growth investing. In this article we discuss the events that shaped the market and some thoughts for the remainder of the year.
TAM Market Insight : April 2023
BUILDING THE NEXT BULL RUN IN 'GREEN' INVESTMENTS
We are now looking back on over a decade of artificially low interest rates put in place by developed country central banks, sparked by the financial crisis and a battle against deflation, thanks to China exporting low prices as globalisation took off. This period of easy money culminated in 2021 with unprecedented levels of monetary stim...
TAM Market Insight : March 2023
Springing into Growth: the UK Budget
The past few years have been marked by political turbulence in the UK, ranging from ‘partygate’ scandals, to the proposed unfunded tax cuts which sent the UK economy into tailspin and Liz Truss packing after a shorter tenure than Ed Balls had on Strictly Come Dancing. However, since Rishi Sunak followed as Britain’s prime minister, there ...
TAM Market Insight : March 2023
Banks: the winners and losers
Financial markets ended Friday in some turmoil, due to the dilemma over the strength of bank lending. In a rapidly appreciating interest rate environment, banks are usually the core winners as interest spreads and ongoing interest loan differentials cause bank profit margins to rise. Great news for banks which until Friday have been a cor...
TAM Market Insight : February 2023
China, too big to ignore?
Globally, markets have been in a precarious place, one in which opportunities have been scarce and where we have watched economies walk the tight rope to recovery. Unfortunately, in 2022 China slipped.
TAM Market Insight : December 2022
I asked, what should we expect in 2023?
In our latest newsletter Phil Hadley spoke with our Chief Investment Office, James Penny about what we can expect from market next year.
TAM Market Insight : November 2022
Why have Sharia portfolios outperformed this year?
Sharia investing has by no means been immune from this year’s volatility, but the high-quality nature of the sector has helped to deliver good levels of protection for investors. Moreover, the defensive characteristics shown this year has cemented Sharia investing as a small but growing part of the market which continues to be as dependab...
TAM Market Insight : October 2022
ESG: Down But By No Means Out
After a tough start to the year for ESG investing, we are pleased to see a TAM ESG balanced portfolio outperform TAM’s mainstream balanced benchmark over a three- and six-month period as we closed in on the end of the third quarter.
TAM Market Insight : October 2022
Is TAM avoiding the illiquidity rabbit hole?
Most investors have exposure to open-ended funds and this week the IMF has issued a warning on the possible systemic risk posed by illiquid open-ended funds, the negative impact this may have and the possibility to destabilise prices and thus create harm for investors.
TAM Market Insight : September 2022
What on earth just happened?
For stock market geeks like me, yesterday will likely go down in history as a memorable moment in the UK, akin to that of a 2008 crash moment - one which people will be talking about for decades to come.
TAM Market Insight : September 2022
Protection... What Protection?
Intuitively clients think that holding sovereign debt is a secure and dependable way to protect your hard-earned assets. It’s the government’s debt after all. Indeed, historically UK government fixed interest securities (gilts) have often been considered as the provider of protection for portfolios in times of stress. In a normal operatin...
TAM Market Insight : August 2022
It's all about the long-term
So, the market is bouncing back. 5 trillion dollars has been made in the market over the past weeks and the 15% plus rebound in equities has been well received across all our portfolios. With inflation in the US seemingly starting to roll over last week, the market reaction was swift and positive. The S&P 500, which is the US major stock ...
TAM Market Insight : July 2022
Don't waste a recession
As we close out the first half of what has been a very turbulent 2022 it’s worth looking at some of the victories and some of the setbacks which TAM has seen. Importantly, where we go from here remains paramount if one wants to see this as an opportunity and as the title says, not waste a recession.
TAM Market Insight : April 2022
Model portfolios – Why 60/40 doesn’t work!
Reading the latest investment surveys from the largest fund managers in the world, there remains an air of uncertainty in the top echelon of decision makers - a perception that we are marching towards a more challenging investment landscape than the last decade. Its effects on a bastion of wealth management, the 60/40 model portfolio, wil...
TAM Market Insight : March 2022
The fog of war
In recent weeks, Russia has progressed with a full-scale invasion of their Southern neighbour, Ukraine, under the orders of leader Vladimir Putin. Although the initial aggression was shrouded as ‘self-defence’, Putin’s intentions have proved barbaric with catastrophic loss of life as brave Ukrainians stand up to a tyrant.
TAM Market Insight : March 2022
So goes January, so goes the year
Yale Hirsch, as well as being the quasi-demi-god of market patterns and cycles, also coined the phrase used for the title of this note. And so far, nearing the end of February as I write, Mr Hirsch’s adage seems to be playing out. And in some fashion. The S&P 500 is down -9.21% YTD and in January the index declined 5.26%, troughing to -11...
TAM Market Insight : February 2022
When a ‘barbell portfolio’ works
2022 has seen an unprecedented negative impact for long-term growth only investors. Some of the biggest, most renowned and highest performing funds of the past years have taken a quantum hit, falling anywhere between 13-30% in 6 weeks. Wow. At the same time the FTSE100, the UK bellwether index has gone… nowhere. If clients have not yet be...
TAM Market Insight : January 2022
Keeping a cool head is the key this month
January is usually when we reflect on the year just passed and look at tactics for the year ahead after markets tick higher on New Year positivity. Well, 12 days into the year, US CPI has hit 7%, a number not seen since the 80s, and the volatility in markets is already eye watering.
TAM Market Insight : December 2021
What is the outlook for 2022?
Well, in the time it’s taken me to write this review, the outlook for 2022 must have changed about twice in respect to Omicron and central banks. I think that’s the best place to start in terms of summing up the year. It’s been one of rapid step changes between asset classes, geographies and cyclicality, essentially extreme volatility bet...
TAM Market Insight : December 2021
The future is bright for ESG
In 2020, those companies in the MSCI All Countries World Index (ACWI) screened by their sustainable impact outperformed the MSCI ACWI as a whole by 27.8%. This part of the market really led global equities and offered stellar returns for our clients investing in this space. In 2021 so far this index has lagged the broader ACWI by as much ...
TAM Market Insight : December 2021
A turn around for Chinese equities?
One may read the title of this note and find it hard not to question: ‘what about regulation? What about Evergrande? What about inflation and bottlenecks?’ And in the previous quarters of the year the inclination to agree with these tenets would have been easier. However, as we near the end of 2021 – a year which has blighted China and Em...
TAM Market Insight : November 2021
TAM's view on the Autumn Budget: Has the leopard finally changed its spots?
As the fiscal outlook of the Chancellor was being presented on Wednesday, it would be fair to say that viewers could slowly feel a metaphorical Tory galleon had set sail on a trajectory for what one could call no other than ‘tax and spend’. With no indication of National Insurance and Corporation Tax hikes being pulled back, and a major i...
TAM Market Insight : November 2021
Progress is never linear
The market for ESG focused investment opportunities continue to grow at truly breakneck speed. According to Bloomberg, 2020 saw ESG assets surmount $35 trillion up 35% from 2016 alone, now comprising a third of global assets under management.
TAM Market Insight : September 2021
Let's talk about volatility
Did it happen? Didn’t it? Are we still waiting for it? These are Questions we have asked ourselves about the “re-opening trade” and recovery of the UK stock market in 2021, specifically the Small and Mid-cap sectors. Our view, pre-pandemic, was that the UK was trading at a discount to global markets. This opportunity was then exacerbated ...
TAM Market Insight : September 2021
A Game of Three Halves
As I sit at my desk postulating on our clients’ investment positioning, it dawned on me that many fund managers have never lived through an inflationary market cycle. Many managers have instead lived through a market almost entirely tilted to expensive fixed income, negative value, and long growth stocks. Unsurprising then, that much of t...
TAM Market Insight : June 2021
What’s your tipple? It’s on the Central Bank
Many have said central banks are the punch bowl for markets. Loosely speaking this means central banks have been pumping money into markets in such volume that the equity rally is almost entirely propped up by that cash injection and, much like a huge bowl of punch at a party, it is the key factor in keeping the party going.
TAM Market Insight : April 2021
Climate Summit
Last week the US hosted 40 world leaders for a two-day virtual summit on climate change, with newly elected President, Joe Biden, making it clear that climate is indeed a key focus for his administration. Having only recently re-joined the Paris Climate Agreement, the US took centre stage at the conference to demonstrate their commitment ...
TAM Market Insight : April 2021
Taking a look under the hood of active management
Model Portfolios are specialised investment vehicles designed to deliver a wide range of financial goals, at pre-agreed risk tolerances”. Sounds good doesn’t it? I often like to remind clients that a good model portfolio can consist in excess of 350 underlying companies.
TAM Market Insight : March 2021
Cryptocurrencies
Bitcoin, Dogecoin, Wowcoin – just what is all this about anyway? Far be it from us to try and make digital currencies seem straightforward, but like many investment professionals, TAM are watching closely and learning about these new innovations and debating whether they could benefit our clients’ portfolios.
TAM Market Insight : March 2021
ESG: Playing the long game
It’s fair to say that it has been a challenging start to the year for ESG investments, coming off from the high of 2020 which saw strong performance and rapid inflows, into what has been one of the most powerful market rotations in recent history. Whilst any amount of underperformance is never desirable, when the potential for future gain...
TAM Market Insight : March 2021
A Tale of Two Budgets
Sky News viewers were left perplexed last week as the Chancellor’s briefcase mysteriously changed colour from red to green in front of their eyes. A camera trick? Certainly. Symbolic? Curiously.
TAM Market Insight : February 2021
Is the UK economy rising from the ashes?
The UK economy has been one of the hardest hit by the COVID-19 pandemic, highlighted recently by data showing that output fell by 9.9% for the year 2020, which is the fastest drop in 300 years. Navigating through Brexit, at the same time as trying to contain a global pandemic would have been a tough year for any economy. However, the UK’s...
TAM Market Insight : February 2021
GameStop: It’s not just a game
As I am sure most of you will have seen in the news, just as the pro Trump assault on the US capital abates we see another assault on a different US institution, this time it’s Wall Street.
TAM Market Insight : February 2021
Inflation is like toothpaste - once it’s out, it’s difficult to put back in!
Watching Trump take off from the White House in Marine 1, peacefully I might add, has gotten me musing about the notion of the changing of the guard. I, for one, am going to welcome the return of policy coming from the Oval Office rather than Twitter and eternally grateful not to have a president using 1.00am tweets to influence the direc...Search Market Insights
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