Current racing conditions: soft. Q1 asset allocation preferences (unhedged US dollar-based, updated at start of quarter): neutral equities vs. fixed income. Within equities overweight euro zone and Japan, underweight US, UK and emerging markets. Within fixed income, a preference for core government bonds over credit, no duration bias. Longer term outlook is to be pro-risk assets. Read more

Here are some initial thoughts on how yesterday's UK budget affects pensions. The key one is the introduction (if I’ve understood it correctly) of what looks like a new form of ISA for the under 40s, that is clearly designed to undermine personal pensions through a 20% tax refund. I should add budgets are pesky, fiddly things and often the major themes only emerge the next day when analysts have gone through the whole budget book line by line. Read more

Current racing conditions: softer. Q1 asset allocation preferences (unhedged US dollar-based, updated at start of quarter): neutral equities vs. fixed income. Within equities overweight euro zone and Japan, underweight US, UK and emerging markets. Within fixed income, a preference for core government bonds over credit, no duration bias. Longer term outlook is to be pro-risk assets. Read more