Investment Update

Each month we publish Investment Update, a 4-page digest of investment news, market performance, statistical analysis and comment for pension fund and charity Trustees, and senior company management.

Investment Update has been in production since January 2000 and the last 5 years' editions are available to download from the table below.

The latest edition is available by email subscription only. Please email us or contact us to be put on the distribution list.

Please email us or contact us for earlier editions, but note that Updates before June 2002 refer to our old address and contact details. Our current address and relevant contact details are displayed on the contact page.

2020
2021
2022
2023
2024
2025

January 2011	UK ILGs, US TIPS
February 2011	Implied default & recovery rates for Corporates & High Yield
March 2011	UK Commercial & Residential Property
April 2011	Debt to GDP ratios
May 2011	Commodities - a sector view
June 2011	Forestry
July 2011	High Yield - Default & Recovery Rates
August 2011	European Equities
September 2011	Inflation Expectations since 1987
October 2011	Fundamental Indexation
November 2011	Stock Lending
December 2011	The Eurozone

January 2012	Vintage Wine - part 1
February 2012	Vintage Wine - part 2
March 2012	QE & LDI
April 2012	European Central Bank
May 2012	Dunbar's Number
June 2012	Defined Contribution Pensions
July 2012	DC Pensions - Investor Protection
August 2012	Performance of Absolute Return Funds
September 2012	Spot Rates & Forward Rates
October 2012	The RPI Consultation
November 2012	Public Finances
December 2012	The FTSE 250

January 2013	Investing in Gold - revisited from January 2009
February 2013	Investing in Oil
March 2013	Corporate Bond Default Rates
April 2013	UK Equities by Size and Sector
May 2013	Bank of England Inflation Report
June 2013	Equity Correlation
July 2013	Dispersion of Absolute Return Funds
August 2013	Unemployment and Base Rates
September 2013	UK GDP and its Deflator
October 2013	Investment Intermediaries
November 2013	FTSE 350 High & Low Yield
December 2013	A Multi-Manager Approach to Property

January 2014	Forward Guidance & Scottish Independence
February 2014	UK Equity Valuations
March 2014	DC Pensions - Changes to Lump Sum on Retirement
April 2014	Yields and Spreads in High Yield
May 2014	Sterling Trade-Weighted Index
June 2014	Evolution of Bank Notes
July 2014	Trends in Workers' Earnings
August 2014	Infrastructure Revisited
September 2014	LDI Revisited
October 2014	Power to use Derivatives
November 2014	Near-Cash Alternatives
December 2014	Country Equity Returns

January 2015	Value at Risk (VAR)
February 2015	Trends in Inflation
March 2015	10- and 30-year Government Bond Yields
April 2015	UK Equity Sectors
May 2015	Market Volatility
June 2015	Defined Contribution "decumulation"
July 2015	High Yield Default Rates
August 2015	Evolution of the UK Bond Market - revisited from May 2009
September 2015	Global Equity Markets
October 2015	UK ILG and US TIPS
November 2015	Auto-enrolment impact on SIPs
December 2015	Debt to GDP ratios

January 2016	Mortality Drag
February 2016	Silver & Gold
March 2016	Government Borrowing & Gilt Issuance
April 2016	High Yield to 2015
May 2016	LDI's Prospective Risks
June 2016	UK Bond & Currency Market Conditions
July 2016	European 10 - & 30-year Bond Yields
August 2016	The Bank of England's QE for Gilts and Corporates
September 2016	US versus UK Inflation-Linked Bonds
October 2016	Sterling and its Trade-Weighted Index
November 2016	Eurozone yields
December 2016	Interpreting UK Equity Returns

January 2017	Required Recovery Rates
February 2017	Drawdown for Absolute Return funds
March 2017	UK Inflation and Impact on Capped Pension Increases
April 2017	Local Currency Returns Across Major Equity Markets
May 2017	Performance from Ethical Investment
June 2017	Property Fund of Funds
July 2017	Corporate Bond Default Rates
August 2017	UK Government Bonds Market
September 2017	Competition and Markets Authority Investigation
October 2017	UK Equity Sectors
November 2017	Bank of England Quantitative Easing (QE) portfolio
December 2017	Pension Funds and Social Investment

January 2018	World Equity Sectors
February 2018	The UK Equity Market
March 2018	UK Government Debt
April 2018	Risk / Return Dispersion
May 2018	Corporate Debt Default Rates
June 2018	ESG Consultation
July 2018	CMA Investment Review
August 2018	Short-Term Cash Rates
September 2018	Gilt Ownership
October 2018	UK Government Debt
November 2018	Defined Contribution transaction costs
December 2018	Politics and Gilt Yields

January 2019	Global Bond Markets
February 2019	Sterling Corporate Bonds
March 2019	Eurozone Bond Yields
April 2019	Corporate Bond Default Rates
May 2019	UK Government Borrowing
June 2019	UK and US yield curves
July 2019	Public Debt Ratios
August 2019	Market Drawdowns
September 2019	Shiller UK Equity analysis
October 2019	z-spreads analysis
November 2019	Cowan v Scargill
December 2019	UK Government Spending

January 2020	Global Bond Yields
February 2020	RPI and CPIH
March 2020	Covid-19
April 2020	Absolute Return / Diversified Growth
May 2020	UK and Global Equity sectors
June 2020	George Soros on debt
July 2020	Corporate Bond Default Rates
August 2020	UK Gilt Market
September 2020	250th edition - a retrospective
October 2020	Eurozone inflation
November 2020	UK inflation curves
December 2020	Global Equity sectors

January 2021	Climate Change and pension funds
February 2021	UK commercial property
March 2021	UK Government Borrowing
April 2021	Corporate Bond Default Rates
May 2021	From LIBOR to SONIA
June 2021	UK Equity sectors
July 2021	Leading global companies
August 2021	UK Gilt market and inflation
September 2021	Global yield curves
October 2021	Defined Contribution assessment
November 2021	The Index-Linked Gilt market
December 2021	Global Index-Linked bond markets

January 2022	Past and prospective UK inflation
February 2022	Absolute Return / Diversified Growth
March 2022	UK Government Borrowing
April 2022	Corporate Bond Default Rates
May 2022	High Court on Climate Change, UK bond markets year-to-date
June 2022	Global Equity Sectors
July 2022	Global yield curves
August 2022	Unwinding Quantitative Easing
September 2022	UK Fiscal Statement reaction
October 2022	The Statement Fallout Continues
November 2022	UK Government Borrowing
December 2022	Gilt history

January 2023	Global public debt ratios
February 2023	Global Bond Yields
March 2023	UK and US Real Yields
April 2023	Public Sector Pensions
May 2023	Corporate Bond Default Rates
June 2023	Eurozone Bond Yields
July 2023	Islamic Finance
August 2023	High Yield Bonds
September 2023	Sterling Trade-Weighted Index
October 2023	Eurozone inflation
November 2023	UK Government Borrowing
December 2023	Correlations

January 2024	Long-dated Corporate Bonds
February 2024	UK property funds
March 2024	Corporate Bond Default Rates
April 2024	Gold
May 2024	UK inflation
June 2024	Emerging Markets
July 2024	Commodities
August 2024	UK Gilt market
September 2024	Global bond yields
October 2024	UK Government Borrowing
November 2024	UK Gilt market revisited
December 2024	Household inflation

March 2025
January 2025	Sterling trade-weighted index
February 2025	Available by email subscription only
April 2025
May 2025
June 2025
July 2025
August 2025
September 2025
October 2025
November 2025
December 2025