August 2019
Tavistock Wealth Literature
Dynamic Planner Literature
Monthly Portfolio Changes
During the month, Argentine securities suffered a large sell off, which may remind some of last summer when risk-off contagion spread across emerging markets. We have not seen that this time around, although we took the decision to take profits on our overweight allocation to emerging market local currency debt to hedge against any further deterioration in risk sentiment. In FX, we partially unwound our Japanese yen currency overlay to open a new 5% position. The currency tends to perform well during risk-off periods. We did not make any changes to our investments in equities, commodities and property this month.
GBP Update
Please see below our monthly Sterling chart, showing the month end GBP/USD rate of 1.21, which is below the 1, 5, 10 and 20-year averages. The chart also highlights Sterling’s purchasing power parity (PPP) as well as Capital Economics’ forecast for a return to 1.50 by the end of 2020.

The value of an investment in the Protection Portfolios, ACUMEN Portfolios or Tavistock PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. Source of data: Tavistock Asset Management Limited, Thomson Reuters and Lipper for Investment Management unless otherwise stated.