Welcome to our 2022 September edition of Investment Perspectives.

As summer draws to a close, investors eye the prospect of rising interest rates as policymakers globally act to quell rising inflation. At the time of writing, the UK’s annual inflation rate has exceeded 10% for the first time since 1982, propelled higher by rising fuel and energy costs. That’s had a predictable knock-on effect on bonds, with nominal and real sovereign yields soaring.

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Meanwhile, market returns have been a mixed bag. Global equity markets are down more than 20% this year, led by declines in the US, particularly in the technology and consumer discretionary sectors. And credit spreads are wider, across regions and ratings. The relative bright spots have been commodities, bolstered by supply-chain disruptions stemming from Russia’s invasion of Ukraine, and property.

In this edition, Chris Arcari, Head of Capital Markets, presents the outlook for each key asset class in his Capital Markets Update. In addition, 

• Linda McAleer and Iain Campbell discuss the pros and cons of investing in forestry to reach net-zero goals
• Penny Cochrane profiles bank capital relief, demystifying the investment case and showing how it could benefit investors
• Linda McAleer discuss the prospects for property investors, focusing on the retail, industrial and office sectors.

As we pass the midpoint of 2022 and look towards autumn, we hope for a prosperous end to the year. And, as ever, our team of consultants is happy to discuss any of the topics in this edition. 

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