First Actuarial Investment

First Actuarial's Investment Team

[First Actuarial Investment @FAInvestment]

Nice to see our buy-listed short credit funds hold up in the equity market chaos over recent weeks. Have held capital value when UK equity has lost approaching 8%. Asset class is king in the liquid capital markets, no matter what the crystal ball purveyors might try to tell you.

[First Actuarial Investment @FAInvestment]

We regularly adjust our risk models. Tonight’s refinement ensures that our clients won’t be spooked by prevailing market conditions. #Halloween18 👻

[First Actuarial Investment @FAInvestment]

We research fiduciary, with specialist expertise in the critically important area of LDI / leverage management. We have experience running selection exercises are commissioned to provide ongoing independent fiduciary oversight. We also don’t offer fiduciary ourselves. #CMA

[First Actuarial Investment @FAInvestment]

Particularly important for equity enthusiasts, given that currency is so cheap and easy to hedge (generally speaking). One thing's for sure though.....material allocations to the UK equity market will lead to....'moments of excitement' (!).

[First Actuarial Investment @FAInvestment]

The yo-yo that is sterling is on a downward trajectory vs the dollar again - lost almost as much in the last 3 months as the immediate aftermath of Brexit. Where to from here? Your move, Theresa May.

[First Actuarial Investment @FAInvestment]

Happy Barber equalisation day! Have a good one no matter how you’re celebrating #equalisation #17/5/90

[First Actuarial Investment @FAInvestment]

@BrinleyDavies Rob and the team here also happy to help.

[First Actuarial Investment @FAInvestment]

"Unrewarded" investment risks e.g. interest rates/inflation. Do you want them? We don't, but it doesn't mean taking them out without any consideration of market conditions being locked into. Overall yield also important (i.e. may accept some unrewarded risks & more return) #LDI

[First Actuarial Investment @FAInvestment]

@rphiggins Not in all cases. Supply/demand imbalance may not go away for v long time. Scheme/insurer demand won't go away - might get worse as schemes become more mature - and hard to see supply increase (govt would have to increase 'the debt'). If bad Brexit w/ weak £ +infn, price goes up.

[First Actuarial Investment @FAInvestment]

Lots of gilt chat around. Below is the market derived gilt 'forward curve'. If market is efficient, should be a reasonable indication of expected future MPC base rate moves. But up…and then down in 15 yrs?! Behold the impact of a COLOSSAL long-gilt supply / demand imbalance.

[First Actuarial Investment @FAInvestment]

@rphiggins Here's real and inflation overlaid. Nominal expensive long, real even more expensive long.

[First Actuarial Investment @FAInvestment]

Meet f1rstflight. Our online / mobile-friendly monitoring & de-risking tool. It can even dynamically re-risk if you are so inclined. Built in-house by our team of developers, so it does everything we dreamed of (yield curves, funding / yield / time-based triggers etc) #dreamy

[First Actuarial Investment @FAInvestment]

There are too many UK-issued corporate bonds in DB portfolios. If you want interest rate protection, LDI & gilts are much better - freeing up bond investment across the world (why wouldn't you?). Diversified Credit Funds (DCFs) became more popular in Q4 & the trend will continue.

[First Actuarial Investment @FAInvestment]

LDI can be a fantastic class for pension schemes, but we do appreciate that training sessions can be a bit dry. This is why we encourage all of our advisors to develop their own innovative ways of explaining LDI principles to trustees and sponsors. #BoredomFreeLDI

[Jonathan Stapleton @jonstapleton]

Index-linked gilt issuance to fall amid Treasury inflation exposure fears https://t.co/hCLhA1XVMU via @profpensions

[Bloomberg Markets @markets]

What trade war? Foreign-facing stocks keep beating the S&P 500 https://t.co/DY4Ejl3E9M via @LJKawa

[First Actuarial Investment @FAInvestment]

A techie observation. The OEIC ‘wrapper’ is common, but listed closed-ended investment companies? Common use for ‘alternatives’ exposure but returns can be VERY different due to wrapper. Often leveraged & specialist expertise required so make sure manager justifies role #Research

[First Actuarial Investment @FAInvestment]

Credit spreads. Here, the additional yield a UK corporate bond investor can get over the equivalent government bond. If your DB scheme has corporates you should be asking your advisor if it's time to sell. Good recent gains, obvious UK risks & very average for DB risk reduction.

[First Actuarial Investment @FAInvestment]

@PensionsLunt Je suis goode spellar.

[First Actuarial Investment @FAInvestment]

Trustee investment training. Last week in London and today in Leeds. Great fun - smiles all around. It's the way Xander tells 'em. Further details on our website.

https://t.co/vLFcbwFAk8