Investment Innovation

Macro Foundations

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

Videos

What’s New

Fulcrum’s Investment Process Explained

In this video, Suhail Shaikh, Chief Investment Officer, discusses:

  • An overview of Fulcrum Asset Management
  • Fulcrum’s investment committee and process
  • Fulcrum’s key strengths and differentiators
Videos
Chairman’s Views

What’s New

Central banks say there is “no rush” as no landing risk rises

Read our Executive Chairman, Gavyn Davies’ current market views as at 24 January 2024:

  • Markets have shifted slightly away from a soft-landing scenario for the US
  • These shifts have partly been a response to overbought positions in the “Fed dovish” trades late last year
  • We increase the probability of “no landing” from 20% to 25%
  • The market now expects five 25bp policy rate cuts this year
Chairman’s Views
Views & Research

What’s New

January 2024 wrap-up: markets calm as US growth accelerates

Compared to previous months, market moves were relatively muted in January, with gains in equities and commodities coming alongside a move lower in fixed income. There was a general pickup in economic sentiment, particularly in the US, where Q4 2023 GDP growth came in markedly higher than expected.

Views & Research

Views & Research

Macro Insights
06/02/2024

January 2024 wrap-up: markets calm as US growth accelerates

Compared to previous months, market moves were relatively muted in January, with gains in equities and commodities coming alongside a move lower in fixed income.
Chairman’s Views
24/01/2024

Central banks say there is “no rush” as no landing risk rises

Markets have shifted slightly away from a soft-landing scenario for the US and global economies since extreme optimism was recorded at the Federal Open Market Committee (FOMC) meeting on 13 December.
Chairman’s Views
16/01/2024

US corporate sector remains in a strong financial condition

US corporate after-tax profits increased slightly as a share of GDP in 2023 Q3 and remained close to the highest level for more than 50 years.

Chart of the Week

As at 12 February 2024

Certainty increases around US growth picture

Source: Fulcrum Asset Management

On Friday February 2nd, the closely watched non-farm payrolls report in the US showed +350k jobs added, almost double consensus expectations. The 2-year Treasury yield, which is often influenced by expectations of Federal Reserve policy, jumped over 15 basis points on the day of the release. This likely reflected the upward re-assessment of US growth prospects, with markets pricing a slower rate of interest rate cuts in response.

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 £6.4bn (8.1$bn) as at 31 January 2024     

Diversification 

is not a constant; 

it is a function 

of the macro 

environment

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