Market update April 2019 Hedgeye - Central bank fairy godmother - - - PowerPoint PPT Presentation

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Market update April 2019 Hedgeye - Central bank fairy godmother - - - PowerPoint PPT Presentation

Nov 25, 2022 370 likes •1.01k views

Market update April 2019 Hedgeye - Central bank fairy godmother - Jan 2019 Today 1. 2018 What happened 2. Portfolio activity and returns overview 3. 2019 current state 4. Outlook www.tattoninvestments.com | Tel: 02071902959 | 17 St

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Market update

April 2019

Hedgeye - Central bank fairy godmother - Jan 2019

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Today

  • 1. 2018 – What happened
  • 2. Portfolio activity and returns overview
  • 3. 2019 – current state
  • 4. Outlook

2 www.tattoninvestments.com | Tel: 02071902959 | 17 St Swithin's Lane, London EC4N 8AL | @TattonIM

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2018 – What happened

3 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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The long-term perspective

www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM 4

2018 stock markets: A last quarter to forget

Source: Morningstar, 31 March 2019. Note: Past Performance is no guarantee for future returns. Index returns do not take into account the cost of advice and the cost of investing

‘98 Russia Crisis ’00-03 Dot-com Bubble+Iraq Crash ’08-09 GFC & Eurozone Crisis + recovery 2017 2018 ‘87 20% Crash

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5 decent years – followed by a poor one

5

Note: Past Performance is no guarantee for future

  • returns. Model portfolio returns, for illustrative

purposes only Returns shown do not take into account the cost of advice and the cost of platform administration

Source: Morningstar / Tatton IM, 31 March 2019

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6

2018 - a year to forget; Q1 2019: Best since 1987

To 31 March 2019 Note: Past Performance is no guarantee for future returns. Index returns do not take into account the cost of advice and the cost of investing

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7 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Let’s start: Our outlook slide from January 2018

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Investment Update – 5 good years

Lothar Mentel

CEO & Chief Investment Officer For professional use only 31 January 2018

8

Source: Morningstar / Tatton IM

1. Big picture 2. Portfolio activity 3. Portfolio returns 2017 4. Outlook 5. Business News

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SLIDE 9

Source: Financial Times, 30 Jan 2018

9

Trump’s timely tax reform surprises

Luck or skill? The debate will carry on

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‘Nowcast’ GDP indicators - raised back to ‘old normal’ hopes

Source: Goldman Sachs Economics Research, 21 Nov 2017

Normalising rather than falling off a cliff?

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11

Stock market levels not as high as some thought

30 June 2018; BES, MSCI, Standard & Poor’s, Thomson Reuters Datastream, J.P. Morgan Asset Management. Valuations refer to 12- month forward price-to-earnings ratios for Europe ex-UK, US, Japan, UK and emerging markets. Valuation and earnings charts use MSCI indices for all regions/countries, except for the US, which is the S&P 500.

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12 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Why this cycle was feeling odd

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Source: Financial Times, 11 Aug 2017

13

North Korea – war of words only (so far)

Turning into a frozen conflict?

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Q1 Update – Return of the bears?

Lothar Mentel

CEO & Chief Investment Officer For professional use only 12 April 2018

14

  • 1. 2018 correction; Exuberance turned fearfulness - again
  • 2. Portfolio activity
  • 3. Portfolio returns
  • 4. Outlook
  • 5. Business news

Source: Hedgeye, 5 April 2018

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…and worryingly quickly drove up bond yields

US inflation made predictable re-appearance

15

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Source: Hedgeye, 20 Feb 2018

..and so market volatility returned

Credit default fears returned equity volatility which triggered volatility shorting product collapses

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Stock markets corrected and left exuberance behind

17

Source: Bloomberg, 17 August 2018

Return to previous trend channel?

…after an uncomfortable January rally

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Q2 Update – Back to normal or end of cycle?

Lothar Mentel

Chief Investment Officer & CEO For professional use only 20 August 2018

18

  • 1. Q2 recovery
  • 2. Portfolio activity
  • 3. Portfolio returns
  • 4. Outlook
  • 5. Business news

Bull and bear both had their moments in the sun during H1 2018; Source: Hedgeye, 27 April 2018

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US stocks hit new highs in late summer

19

Source: Bloomberg, 1 October 2018

Fundamentally justified?

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20

Certainly supported in terms of earnings

Source: IBES, S&P, Thompson Reuters Datastream, JPM Asset Management, NTM is next 12 months

“Lift-off” “Escape velocity” “Second tech boom” ?

  • > Business confidence

finally returns

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Global ex-US did not follow

21

Source: Bloomberg, 1 October 2018

Fundamentally justified?

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Synchronised expansion had ended

US accelerating, China slowing

USA Global China

  • 22 -
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23

Initially it had seemingly no impact at all, but

and so had central banks’ easy money

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24

…renewed worries about corporate credit default gripped stock markets

and when as a result US yields crossed the ‘magic’ 3.2% barrier

Investor liquidity disappeared to China, cash and government bonds

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Q3 Update – Yield curve vs. politics

Lothar Mentel

CIO Tatton Investment Management 6 November 2018

Dodging the yield ‘curve ball’ with Brexit and Trump?

Source: Hedgeye – online, 2018 The September US ISM business sentiment index hitting an unexpected high pushed the yield of US 10 year Treasury bonds to 3.2% and thus paradoxically brought the 2018 US stock market rally to an abrupt end

For professional adviser use only

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Ensuing sell-off suggesting imminent global recession

From exuberance to temporary bear market in under 12 months

S&P500 trend channel since 2016; Source: Bloomberg, 30 Jan 2019

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Summary – 2018 returns – Taper Tantrum 2.0

Liquidity squeeze (QT) – End of cycle fears – Slowing growth

  • 1. Liquidity squeeze and market overshooting, not fundamentals drove volatility
  • 2. EM and small cap suffered most – robbing stock pickers of much alpha source
  • 3. Synchronisation – de-synchronisation - synchronisation

27 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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Portfolio activity

28 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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2018/2019 portfolio adjustments

29 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM Key capital market returns for 2018; Source: Morningstar, 28 Feb 2019 Note: Past Performance is no guarantee for future returns. Index returns do not take into account the cost of advice and the cost of investing

Starting position EU and Jap

  • verweight

UK underweight Mar 6th: EM equity underweight June: Asia underweight, Strategic Bonds and Long/Short fund Introduced July/August: US underweight UK back to neutral Asia underweight Late October Rebalance

  • Japan, -UK, + US

3% Cash to Alternatives February rebalance +EM, back to equity neutral

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Current positioning: Under/over weights by risk profile

30 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

  • Underweight Duration
  • Equities – Fully invested

Further volatility but with upside

  • Overweight Cash = duration reduction

Note: Cash = 0 duration bonds

  • Alternatives

selective underweight due to lack

  • f funds suitably un-correlated

to credit, equity, yield risk

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Regional equity under / over-weights by risk profile

31 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

  • Emerging Markets (EM)/ Asia

Upside on global trade rebound and subsiding US$ strength

  • Overweight Japan (reduced)

Upside from China rebound

  • Underweight US (reduced)

Still too expensive

  • Overweight Europe:

Upside from China rebound

  • UK – neutral:

Excessively discounted for Brexit

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Returns update – Portfolio activity

The positives and negatives

++ 5% equity underweight from February 2018 (closed Feb 2019) ++ Emerging market underweight from early March 2018 (closed Feb 2019) ++ Full US allocation until August 2018 + UK underweight until August 2018

  • US underweight timing (beginning of August and 1-3/2019)
  • -

Europe and Japan overweight

  • - Active fund managers underperform trackers in Q4/2018
  • 32 -
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Portfolio returns

33 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 3.5% 3.7%

  • 0.2%
  • 2.7%
  • 3.4%

0.7% 4.7% 4.0% 0.7% 3.9 Cautious 4.6% 5.0%

  • 0.4%
  • 4.3%
  • 5.1%

0.8% 6.4% 5.2% 1.2% 5.3 Balanced 5.3% 5.8%

  • 0.5%
  • 5.6%
  • 5.6%

0.0% 7.5% 6.2% 1.3% 6.4 Active 6.3% 6.5%

  • 0.2%
  • 6.9%
  • 6.1%
  • 0.8%

8.6% 7.2% 1.4% 7.8 Aggressive 7.1% 6.3% 0.8%

  • 8.1%
  • 6.6%
  • 1.5%

9.3% 7.2% 2.1% 9.1 Global Equity 8.2% 6.3% 1.9%

  • 6.4%
  • 6.6%

0.2% 7.2% 5.7% 1.5% 10.5

Since Launch (Annualised %) Tatton Managed (Overlay) YTD 2018

Investment returns – Tatton Managed vs. IA peers (March 2019)

Note: To 31st January 2019; Tatton returns after DFM charge and underlying fund costs; Global Equity portfolio strategies only launched Nov 2013 Inception Dates: Tatton Managed Defensive – Aggressive: 01/01/2013 Tatton Managed Global Equity: 31/10/2013

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Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 3.4% 3.7%

  • 0.3%
  • 1.8%
  • 3.4%

1.6% 4.9% 4.0% 0.9% 3.6 Cautious 4.7% 5.0%

  • 0.3%
  • 3.2%
  • 5.1%

1.9% 6.1% 5.2% 0.9% 4.9 Balanced 5.4% 5.8%

  • 0.4%
  • 4.3%
  • 5.6%

1.3% 7.2% 6.2% 1.0% 6.0 Active 6.2% 6.5%

  • 0.3%
  • 5.5%
  • 6.1%

0.6% 8.5% 7.2% 1.3% 7.3 Aggressive 7.1% 6.3% 0.8%

  • 6.4%
  • 6.6%

0.2% 9.6% 7.2% 2.4% 8.4 Global Equity 7.9% 6.3% 1.6%

  • 4.1%
  • 6.6%

2.5% 7.5% 5.7% 1.8% 9.8

Tatton Tracker YTD Since Launch (Annualised %) 2018

Investment returns – Tatton Tracker vs. IA peers (March 2019)

Note: To 31st January 2019; Tatton returns after DFM charge and underlying fund costs; Global Equity portfolio strategies

  • nly launched Nov 2013

Inception Dates: Tatton Tracker Defensive – Aggressive: 01/01/2013 Tatton Tracker Global Equity: 31/10/2013

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Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 3.4% 3.7%

  • 0.3%
  • 2.3%
  • 3.4%

1.1% 5.0% 4.0% 1.0% 3.7 Cautious 4.6% 5.0%

  • 0.4%
  • 3.7%
  • 5.1%

1.4% 6.4% 5.2% 1.2% 5.1 Balanced 5.3% 5.8%

  • 0.5%
  • 4.9%
  • 5.6%

0.7% 7.5% 6.2% 1.3% 6.1 Active 6.2% 6.5%

  • 0.3%
  • 6.2%
  • 6.1%
  • 0.1%

8.7% 7.2% 1.5% 7.4 Aggressive 7.1% 6.3% 0.8%

  • 7.2%
  • 6.6%
  • 0.6%

9.3% 7.2% 2.1% 8.7 Global Equity 8.0% 6.3% 1.7%

  • 5.2%
  • 6.6%

1.4% 7.4% 5.7% 1.7% 10.0

Since Launch (Annualised %) YTD Tatton Core (Overlay) 2018

Investment returns – Tatton Core vs. IA peers (March 2019)

Note: To 31st January 2019; Tatton returns after DFM charge and underlying fund costs; Global Equity portfolio strategies

  • nly launched Nov 2013

Inception Dates: Tatton Core Defensive – Aggressive: 01/01/2013 Tatton Core Global Equity: 31/10/2013

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Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 3.0% 3.7%

  • 0.7%
  • 1.9%
  • 3.4%

1.5% 4.2% 3.4% 0.8% 3.7 Cautious 4.1% 5.0%

  • 0.9%
  • 2.9%
  • 5.1%

2.2% 5.3% 4.2% 1.1% 4.5 Balanced 4.6% 5.8%

  • 1.2%
  • 3.7%
  • 5.6%

1.9% 5.9% 5.0% 0.9% 5.3 Active 5.4% 6.5%

  • 1.1%
  • 4.4%
  • 6.1%

1.7% 7.0% 5.8% 1.2% 6.3 Aggressive 6.0% 6.3%

  • 0.3%
  • 5.2%
  • 6.6%

1.4% 7.6% 5.8% 1.8% 7.3

YTD Since Launch (Annualised %) Tatton Income 2018

Investment returns – Tatton Income vs. IA peers (March 2019)

Note: To 31st January 2019; Tatton returns after DFM charge and underlying fund costs; Global Equity portfolio strategies

  • nly launched Nov 2013

Inception Dates: Tatton Income Defensive – Aggressive: 01/08/2014

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Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 4.9% 3.7% 1.2%

  • 0.4%

0.2%

  • 0.6%

Cautious 6.2% 5.0% 1.2%

  • 0.7%
  • 0.5%
  • 0.2%

Balanced 7.1% 5.8% 1.3%

  • 4.9%
  • 5.6%

0.7% 6.5% 5.4% 1.1% 6.3 Active 8.0% 6.5% 1.5%

  • 0.9%
  • 0.3%
  • 0.6%

Aggressive 9.0% 6.3% 2.7%

  • 1.0%
  • 1.3%

0.3% Global Equity 9.6% 6.3% 3.3%

  • 1.0%
  • 1.3%

0.3%

Since Launch (Annualised %) YTD Tatton Ethical 2018

Investment returns – Tatton Ethical vs. IA peers (March 2019)

Note: To 31st January 2019; Tatton returns after DFM charge and underlying fund costs Inception Dates: Tatton Ethical Balanced: 06/12/2014 Tatton Ethical Defensive, Cautious, Active, Aggressive, Global Equity: 27/01/2018

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Investment Returns – Tatton Managed vs. IA Peers (Feb 2019)

39 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM Inception Dates: Tatton Managed Defensive – Aggressive: 01/01/2013, Tatton Managed Global Equity: 31/10/2013

Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA Tatton IA Sector Relative to IA 3 yr Annualised Volatility

Defensive 2.1% 2.4%

  • 0.3%
  • 2.7%
  • 3.4%

0.7% 4.7% 3.8% 0.9% 3.9 Cautious 3.1% 3.7%

  • 0.6%
  • 4.3%
  • 5.1%

0.8% 6.4% 5.1% 1.3% 5.3 Balanced 4.0% 4.3%

  • 0.3%
  • 5.6%
  • 5.6%

0.0% 7.5% 6.1% 1.4% 6.4 Active 5.1% 4.8% 0.3%

  • 6.9%
  • 6.1%
  • 0.8%

8.6% 7.0% 1.6% 7.8 Aggressive 6.0% 4.9% 1.1%

  • 8.1%
  • 6.6%
  • 1.5%

9.3% 7.1% 2.2% 9.1 Global Equity 6.1% 4.9% 1.2%

  • 6.4%
  • 6.6%

0.2% 7.2% 5.5% 1.7% 10.5

2018 Tatton Managed (Overlay) YTD Since Launch (Annualised %)

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40 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Risk - Return graph (5 yrs – 31/12/2018)

  • -- Tatton Tracker risk-return
  • -- IA Managed fund universe + OE Global Eq (last point)
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Have the trackers won?

Administration, advice and DFM charges are all clear performance drags The same cannot be said with the same confidence for stock picking vs tracker based portfolio strategies

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The jury is still out!

Our observation is that the return differences from year to year are driven by the style impact of the different investment universes. Professional manager selection appears to

  • vercompensate for the

cost differences

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Tatton AIM Portfolio – 10/2016 to 28 Feb 2019

Sources: Nucleus, Tatton, Bloomberg Inception date – 20/10/2016 Performance figures gross of fees

Index Inception Diff YTD YTD Diff 3M 3M Diff Tatton AIM 20.30 5.00

  • 0.60

FTSE AIM 13.30 7.00 6.00

  • 1.00
  • 2.00

1.40 FTSE All Share 11.40 8.90 6.60

  • 1.60

2.60

  • 3.20

FTSE Small Cap 16.20 4.10 5.20

  • 0.20

1.40

  • 2.00

FTSE 250 13.50 6.80 9.90

  • 4.90

4.20

  • 4.80
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Tatton AIM portfolio structure and key figures

AIM Portfolio FTSE All Share FTSE AIM All Share Portfolio Info: Number of Holdings 48 636 813 Standard Deviation - Annualised* 9.1 10.6 9.7 Total Return* 10.1% 6.1% 2.9% Sharpe Ratio* 0.5 0.3 0.1 Beta of Portfolio to index* 0.5 0.7 Correlation of Portfolio to index* 0.5 0.8 Max Drawdown

  • 21.3%
  • 15.0%
  • 23.7%

Length of Drawdown (days) 83 157 82

*2 Years to 28/02/2019

Weights to 28/02/2019

Source: Tatton / Bloomberg / Nucleus

Top 10 Holdings % Holding Sector Main area of business NEXUS INFRASTRUCTURE PLC 3.5 Capital Goods Specialised infrastructure services. STRIX GROUP PLC 3.2 Technology Hardware & Equipment Design, manufacture and supply of kettle safety controls. RAMSDENS HOLDINGS PLC 3.1 Diversified Financials Foreigh Exchange, pawnbroking and retail services. BURFORD CAPITAL LTD 3.1 Diversified Financials Litigation finance. ABCAM PLC 3.0 Pharma, Biotech & Life Sciences Distributes antibodies and associated protein research tools. FOCUSRITE PLC 2.9 Technology Hardware & Equipment Develops, manufactures and markets eleectronic music products. IDEAGEN PLC 2.9 Software & Services Information Management to regulated industries. YOUGOV PLC 2.9 Commercial & Prof Services Engages in market research and data analytics. CLINIGEN GROUP PLC 2.8 Pharma, Biotech & Life Sciences Provides access to pharmaceuticals and services globally. GB GROUP PLC 2.8 Software & Services Identity management software specialist.

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  • 5. Outlook

45 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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46

Our outlook slide of last quarter: Q3 2018

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47 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

US gov. bond yields back below 3% (2.4% actually)

Source: US FRED, 14 Mar 2019

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SLIDE 48

48 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Credit yields no longer suggesting recession

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49 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Equity valuations – back below long term average

Source: JP Morgan, 31 Dec 2018

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50 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

While corporate profit growth only slowed

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51 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

2019 bounce back

Source: Morningstar / Tatton IM, 31 March 2019

Note: Past Performance is no guarantee for future

  • returns. Model portfolio returns, for illustrative

purposes only Returns shown do not take into account the cost of advice and the cost of platform administration

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What has changed?

  • 1. US Fed reversed and now signals pause on rates and possibly end of QT
  • 2. Liquidity eased + bond yields have remained low = credit stress has abated
  • 3. Equity market bounce back leaves stocks closer to fair value
  • 4. Anticipated economic deceleration has been manifested in data flow
  • 5. Political risks increase – Trump, Brexit – but markets anticipate resolution
  • 6. 2016 Déjà vu with increased ‘end of cycle’ comments

Awkward situation of slowing economy vs. recovering stock markets

52 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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53 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

What has changed? - In simple terms

The cynics view – but there is some substance to it… …stability of credit markets remains central bank dependent

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Tatton’s central case for 2019

54 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Outlook

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First an interesting, repeating pattern

55 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Outlook

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SLIDE 56

56 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Given resilient global economy, 2019 potentially flipside of 2018 in capital markets?

Source: MRB Research, 15 Feb 2019

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57 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Stock market sell-off patterns - bond dependent?

Source: MRB Research, 15 Feb 2019

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SLIDE 58

Tatton’s central case: Positive trend but volatility risk

Growth continues, but susceptibility to shock risk remains high 1. Continued economic growth supports further earnings growth 2. but QT suppresses global liquidity can cause further unnerving volatility 3. US$ now more likely to weaken and thereby support global trade and EM 4. US-China trade war likely resolved soon - but beware of Trump risk to EU trade 5. QE worked by bringing asset returns forward = less returns potential left 6. No-deal Brexit perspective superseded by Brexit postponement = 2018 repeat Back to slow but steady growth – but markets likely to remain volatile

58 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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SLIDE 59
  • 59 -

Patrick Blower – Contempt of parliament, Source: Political Cartoon Gallery London, 5 Dec 2018

A word on Brexit

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SLIDE 60

A word on Brexit – for investments

No-Deal Brexit would cause a shock recession – not just in the UK May’s deal is less good than continued membership benefits, but provides perspective Another referendum may stop Brexit, but leaves UK society divided and upset Scenario investment assessment: 1. No Brexit = significant UK risk asset rebound 2. May’s deal = Some rebound of £-Sterling and boost for small and mid cap stock 3. Postponement without referendum = 2018 repeat but slowly getting worse 4. Postponement + 2nd referendum = outcome dependent, but political instability upset Uncertainty will not end 29 March, but unless No Deal, limited global investment impact

60 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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Conclusion

  • 1. Another mini-cycle rather than end of cycle
  • 2. QE unwind and politics continue to limit upside
  • 3. Late cycle periods are unnerving but rewarding

Repeat of post 2013 and post 2016 market environment plausible

61 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

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62 www.tattoninvestments.com | Tel: 02071902959 | 125 Old Broad Street, London, EC2N 1AR | @TattonIM

Compliance Note

Important Information This document is solely for the use of professionals and is not for general public distribution

Tatton Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number

  • 733471. Tatton Investment Management Limited is registered in

England and Wales No. 08219008. Registered address: Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND