Investment Innovation

Macro Foundations

We are an independent asset manager founded on an inquisitive,
thoughtful and research-oriented culture

Chairman’s Views

What’s New

What Powell Said and What It Means for Markets

Read our Executive Chairman, Gavyn Davies’ current market views as at 27 September 2023:

Jerome Powell’s press conference after the Federal Open Market Committee
The main message, as noted by many commentators, was that US
Powell was clear that this upward shift in the path for policy rates.
He then stated without much equivocation that the upward
Powell’s remarks seem to imply that the scope
Powell also suggested that the path to a soft landing

Chairman’s Views

Views & Research

What’s New

Investors in the UK and US show mixed feelings on investment outlook over next 12 months

48% of UK professional investors are optimistic compared to 42% in the US
More Americans (47%) believe global macroeconomic shocks will have a bigger impact on markets over 12 months, while most Brits (43%) believe shocks’ impact will be lesser
The young are far more optimistic than the older age groups

Views & Research

News

What’s New

Fulcrum Asset Management announces senior hires to investment team

Fulcrum announces two senior appointments, Stephen Hull and Helen Roughsedge, to its investment team as it continues to grow its business.

News

Views & Research

Chairman’s Views

27/09/2023

What Powell Said and What It Means for Markets

Following the FOMC meeting on 20 September, market commentary has mostly concluded that Powell’s main message was “higher for longer” on Fed policy rates. We think that is indeed the right interpretation, though most of his emphasis was on the word “longer”, not “higher”.

Thought Leadership

14/09/2023

Investors in the UK and US show mixed feelings on investment outlook over next 12 months

Fulcrum Asset Management has released new research comparing views from professional investors on both sides of the Atlantic on the macroeconomic outlook and how these views play into investment decisions.

Chairman’s Views

06/09/2023

Rise in Real Yields Dominates Markets in August

A look at the rise in real yields dominating markets in August and the 3 possible landings.

Videos & Podcasts

Macro Matters

What Powell Said and What It Means for Markets

In this video, Gavyn Davies & Andy Bevan discuss the Fed and the interpretation we have of the signalling that was given by Chairman Powell at the recent meeting.

Macro Matters

Hard, Soft or No Landing Scenario?

In this video, Gavyn Davies & Andy Bevan discuss the economic landing scenario and the likelihood of hard, soft or no landing.

Macro Matters

Hymans Robertson Podcast – Capital markets mid-year update

Gavyn Davies joins Hymans Robertson On... Podcast Investment series with a Capital markets mid-year update.

Investment Outlook

Investment Update H1 2023

In this video, Nabeel Abdoula, Deputy Chief Investment Officer discusses Fulcrum's approach to asset allocation in H1 2023 as well as the outlook for the remainder of this year.

Chart of the Week

Chart as at 15 September 2023

New Fed Measure Supports Strong US Growth Outlook

Source: Fulcrum Asset Management, Federal Reserve Bank of New York, Federal Reserve Bank of Atlanta

Last week, the Federal Reserve Bank of New York resumed publishing its nowcast of US economic activity, which had been suspended since September 2021 owing to modelling challenges raised by the pandemic. The new model is described in detail in a staff paper and incorporates several key features first developed by Antolin-Diaz, Drechsel and Petrella (2017) as part of Fulcrum’s Nowcasting Research programme. These features include accounting for richer lead-lag dynamics in the propagation of macroeconomic shocks, modelling long-run growth as a time-varying process and including an outlier detection procedure, which is particularly valuable during the Covid period. Fulcrum’s current nowcasting model incorporates these and additional innovations which have been developed post the pandemic.

A career with us

Fulcrum offers exciting opportunities for talented people looking for professional development and career growth, no matter what stage you are at in your working life. Our commitment to diversity and inclusion creates a welcoming and supportive environment where employees from a variety of backgrounds can bring their unique perspectives and experiences to the table.

About Fulcrum

Founded in 2004, we are a global, independent asset manager investing across all major asset classes and geographies. Ultimately, our aim is to deliver on our clients’ investment objectives, providing a range of innovative solutions that put macroeconomic research at the heart. We are not only disciplined by economic theory and empirical evidence, but also stringent risk management which is a vital component of our success.

Our focus is on uncovering investment opportunities wherever they are; our unconstrained investment universe provides the flexibility to implement what we observe as being the best investment strategies.

AUM £6.6bn ($8.3bn) as at 31 August 2023

Diversification

is not a constant;

it is a function

of the macro

environment

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Hear the latest from us

We would like to share with you thought pieces, macro commentary, investment strategy research, and our latest news.

Investment Innovation

Macro Foundations

We are an independent asset manager founded on an inquisitive,
thoughtful and research-oriented culture

What Powell Said and What It Means for Markets

Investors in the UK and US show mixed feelings on investment outlook over next 12 months