In early March, we wrote a note highlighting the uncertainties and complexities arising from the Trump Administration’s trade policy intentions. Based on our analysis we increased our overweight to fixed income by reducing equities.

Since we established Parkview in 2011, we have often debated whether we should include gold in our standard asset allocation. We have not done so. I have always taken the view that because gold is an asset that does not generate a return, it is not possible to value it with any degree of consistency. Nonetheless, we recognise that gold has a special place in the imagination of some investors. For investors who have a very strong conviction for such an allocation, we have accommodated their requests.  

I try to avoid writing about currencies. This isn’t because I find them uninteresting. Rather, it is because most currency discussions invariably involve taking a directional view.  Anyone familiar with exchange rate models, or the track record of professional forecasters, would appreciate that this is a fool’s errand. However, we are at a moment in the history of the international financial system when a discussion about the future of the dollar cannot be dismissed.