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LCP Investment Summary - November 2017

Posted on 1 December, 2017 by Administrator

LCP Investment Summary - November 2017

Global equity markets fell 0.3% (in € terms) during November.

Eurozone equities fell 1.9%, with some investors taking profits following the very strong gains over the previous ten months (+17%), and after markets hitting a two year high at the start of November. The stronger euro, on the back of continuing positive eurozone economic growth data, was a negative for exporters although it fell back somewhat in the last week of the month. Mining stocks were also hit following the release of Chinese data that showed its industrial output had slowed in October.

North American equities rose 2.9% in $ terms (0.5% in € terms), with markets hitting record highs and the Dow Jones Index breaking 24,000. Investors grew more optimistic about the prospects for President Trump’s tax reform plan, despite the Senate delaying a vote on it on 30th November. The US economy also grew faster in Q3 than previously expected, with the US Federal Reserve now expected to raise interest rates in December and then raise rates further during 2018.

Bonds

Longer-dated eurozone bonds rose 0.6% in November, with the yield on the AAA Eurozone 15+ Year Index falling to 1.00% by month end. The Euro Broad Sovereign 10+ Year Index rose 0.8% with its yield falling to 1.56%.

Yields had initially risen sharply mid-month on the back of improving economic data, especially in Germany and Italy. But yields then fell back by month end, as the release of weaker-than-expected eurozone inflation data may now mean a delay in the ECB’s anticipated monetary tightening policy.

Sample DB Scheme

The funding level of our sample DB scheme fell to 97.7%, as its assets rose by less than its liabilities (calculated using a MFS proxy) over the month.

Sample DC Schemes

Two of our three sample DC Strategies rose in November due to their allocation to longer-dated eurozone government bonds and Multi-Asset Funds.

Market Performance to 30th November 2017

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