John Roe

Head of Multi-Asset Funds

With failed football dreams behind him, John applies the same level of enthusiasm to investing and how to improve outcomes by battling behavioural biases. He leads on oil research, but also gets involved in a wide range of macro topics. That love of variety also explains his craft beer fascination. Hard to shut up, he’s a regular guest on Bloomberg, a conference speaker and an LGIM Director. His analytical thinking benefits from being an Actuary with an economics degree and having previously worked as a strategist at RBS.

Posts by John Roe

Portfolio Thinking

The linker tail

The UK inflation-linked government bond ('linker') market is dominated by vast UK defined benefit pension schemes. Derisking by schemes tends to increase demand for linkers as equity prices rise, pushing up their prices. For multi-asset investors seeking diversification, that could make them less attractive to buy.

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And the beat goes on

Market volatility has picked up, but as multi-asset investors we must be careful about derisking too much or too often. Otherwise we risk missing out on upside for our portfolios. Given cyclical inflation pressures and quantitative tightening, the risks are higher in 2018, but as long as we remain confident in the fundamentals we'll remain invested and try to dance to this different tune.

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Share the love, don't love the share

Love is not logical. Arguably, nor are investors who stick with underperforming investments in the belief that their fortunes may reverse against all evidence.

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Portfolio Thinking

UK - The inflation nation?

Unlike their US or Eurozone counterparts, UK pension funds will readily pay quite a premium for inflation protection. However, that premium is relatively unattractive for multi-asset investors, who we think can find better ways to manage UK and global inflation risks.

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