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May 2022

Welcome

We are pleased to bring you the May edition of Reeves Invest, a Reeves Independent publication focussing on key and current information provided by Reeves Investment Services.

The phrase "sell in May and go away" is thought to originate from an old English saying, "Sell in May and go away, and come on back on St. Leger's Day." This phrase refers to a custom of aristocrats, merchants, and bankers who would sell their investment portfolios before they left town for the countryside during the hot summer months.

This would involve taking part in be part in a summer calendar of events such as Glyndebourne, Royal Ascot, Cowes week and the Henley Royal Regatta.

 

St. Leger's Day refers to the St. Leger's Stakes, a thoroughbred horse race held in mid-September and the last leg of the British Triple Crown.

Empirical evidence suggests that if you look at the last 50 years the merits of following this policy are pretty even but, if you include dividends then the evidence does not hold up to scrutiny. With stock markets having become more global over these fifty years it surprising that these old saying still gets trotted out every so often.

The ability to trade on a global basis was not available to those who enjoyed this privileged lifestyle in the past and certainly not at the pace of trading in todays high tech dealing room. Prior to the changes introduced in the UK on October 27th, 1987 (so called Big Bang) all trading took place on the floor of the London stock exchange with stockbrokers consulting Jobbers about prices and availability of stock. This open outcry system was undertaken at a sedate pace compared to the fever pitch of a typical dealing room in one of the high-rise buildings in Canary Wharf today.

Whilst it is wistful to look back on those days the fact remains that in today’s society and telecommunications it is not possible to follow such adages if you are to manage, protect and maximise your clients’ investments. Time in the market is more rewarding than timing the market.

With best wishes,

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The Reeves Investment Services team explores the impact of current affairs on the investment portfolios and gives insight into how global news stories may change our outlook in different sectors.
 

This month we look at the continuous impact of Russia's invasion of Ukraine, the repercussions on oil prices, the FTSE 100 Share Index and the impact on our asset allocation.   

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Every month we shine the spotlight on an aspect of finance and explain some of the reasoning behind investment decisions.

 

This month we focus on MSCI PIMFA benchmark. What is it and how does it work?

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Episode 2: Gerry Frewin- Fund Manager of the Threadneedle UK Property Fund

Join our Investment Manager Rachael Simm as she discusses the different types of funds we have in our portfolios. Along with our special guests, we explore the range of sectors and asset types our clients can be invested in.

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Important information


Pensions are a long term commitment, you may not be able to access your pension funds until the age of 55 (currently), investments can go down as well as up and you might not get back your initial capital. Pension and tax legislation does and can change in the future which could impact your pension.

The value of your investment and any income from it could fall or rise, and you may not get back the full amount you invest.


Past performance is not a reliable indicator of future results. We always recommend you talk to a qualified financial adviser before making any investment decisions.