The Cambridge Weekly – 12th July 2021

Don’t look down

Global equities have been on a pretty rapid ascent since the start of the year. Last week the world’sinvestors had a bout of looking down, and a mild attack of vertigo. This dizziness has been prompted by some reasonable worries. Do we have enough food (earnings growth) to carry on? Is the strong tailwind (in the form of liquidity) about to turn into a headwind? Has one of our party (China) already started slipping back down?

We’ve been going through these thoughts in our quarterly investment committee meetings, and the main conclusion is that things are generally likely to

Asset returns review: June 2021

Markets experienced another leg up in June, continuing a positive year for investors. It brings us to the end of another quarter in which good returns were found in almost all asset classes. In the first three months of this year, returns were plentiful but unevenly spread, with equities and riskier assets rallying while bonds struggled. Q2 was more equitable by contrast: investors holding more fixed interest bonds over equities also did well.

Private equity gets a good deal on UK plc

After weeks of courtship, supermarket chain Wm Morrison has at last picked a suitor. That’s the official story at least. Morrisons began as a Bradford-based grocer, but after buying the Safeway chain of nationwide stores it expanded beyond Yorkshire to become the fourth supermarket chain behind Tesco, Sainsbury, and ASDA. Last week, a trio of private equity groups, led by the aptly named Fortress, struck a £9.5 billion deal to end the bidding war. The price accepted by the Morrisons board was a 42% mark-up from the company’s share price before the takeover bidding began.

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This material has been written on behalf of Cambridge Investments Ltd and is for information purposes only and must not be considered as financial advice. We always recommend you seek financial advice before making any financial decision.


Past performance is not a guide to future performance.


The value of your investments can go down as well as up and you may get back less than you originally invested.


Source of financial market data: MorningstarDirect.