The World In A Week - Return of the Mac-ron?
Written by Millan Chauhan.
Last night saw the conclusion of the French Presidential election, with Emmanuel Macron delivering a convincing victory over his far-right challenger Marine Le Pen. Macron has become the first French leader to win a second term in 20 years, taking 58.5% of the vote. Macron stated, “our country is beset by doubts and divisions”, which is well supported by the highest abstention rate in 50 years @28% and the immediate rise of the far-right nationalist party. Macron faces several tests going forward, including reconciling the indifference of opinion in France and trying to work towards a ceasefire between Russia and Ukraine.
Elsewhere, we are in the middle of US earnings season where companies report on their results from Q1 of 2022. With US inflation currently at 8.5% and supply chains remaining tight, we will begin to see the impact of rising prices and slowing consumer demand on bottom-line financial results and forecasts. One stock that was a direct beneficiary of the global pandemic was Netflix, as the world was forced to stay indoors. Netflix grew its subscriber base by 18.2m in 2021 and is the world’s leading entertainment service with approximately 222 million paid memberships. However, slowing growth, price rises, and fierce competition from rivals such as Disney+ and Amazon Prime Video saw the share price of Netflix fall 35% cent on Wednesday, erasing all its gains during the pandemic. Netflix reported they had lost 200,000 subscribers in the first quarter of 2022 with the market becoming more saturated, particularly in the US and Canada. Netflix is set to clamp down on the ability to share passwords which was a component of the slowing demand for its service.
The S&P 500 returned -1.2% last week in GBP terms, a week that also featured the largest one-day loss since March on Friday as investors anticipated the raising of interest rates by central banks. The Federal Reserve’s Chair, Jay Powell, stated that the Fed could raise rates more aggressively and begin raising rates in increments of 0.50% compared to its previous stance of increasing by 0.25%.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 25th April 2022.
© 2022 YOU Asset Management. All rights reserved.
The World In A Week - Tournez à droite?
Written by Shane Balkham.
The Federal Open Market Committee (FOMC) will meet at the beginning of May, and we are already seeing the rhetoric in order to manage market expectations. From the minutes and forecasts from the March meeting, we know that there is the prospect of six further rate rises this year.
Setting the scene for these rate hikes, we had a speech from James Bullard, President of the St. Louis branch of the Federal Reserve, and most importantly a voting member of the FOMC. On the back of March’s inflation reading in the US of 8.5%, he is calling for an increase in the speed of executing the hikes and is likely to vote for a larger hike than the previous 0.25% move. It is expected that several members will call for a rise of 50-75bps next month. For Bullard, there is a critical importance of the Fed maintaining its creditability in combating inflation, as monetary policy decisions walk a difficult and fine line in taming inflation without causing a recession.
The Bank of England also faces the same navigation problem, as inflation in the UK rose to 7% for March adding pressure for interest rates to rise. In the minutes from March’s Monetary Policy Committee meeting, the Bank of England expects inflation to peak at around 8% in Q2, recognising the large shock to the economy from the war on Ukraine. The Bank of England also meets at the beginning of May, and we might have a fourth consecutive meeting where interest rates are hiked.
Before the central banks have their next meetings, we have France deciding on their next President. On Sunday, French voters will choose between the incumbent President Emmanuel Macron, or the far-right rival of Marine Le Pen. It is expected to be an extremely tight election race, with both contenders looking to secure the voters from the ten eliminated candidates from the first round. Will Le Pen’s manifesto of protectionism and localism see France turning to the right?
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 19th April 2022.
© 2022 YOU Asset Management. All rights reserved.
Rishi Sunak’s Spring Statement: how it affects your money
Rishi Sunak delivered his Spring Statement at the end of March, with an update on the current state of the UK economy and future expectations for the nation.
The Chancellor also announced some tax changes that will affect people’s budgets in the months and years ahead.
Here are some of the top changes, and how they may affect your money.
- National Insurance threshold increase
The National Insurance (NI) threshold has been increased from £9,880 to £12,570 a year to help low-income workers take more of their pay home.
This means that from this July workers will not make NI contributions until they earn £12,570 a year.
According to Blick Rothenberg, the maximum that tax bills will be cut by as a result of the change in the NI threshold will be about £330.
Until July, however, previous decisions on National Insurance will have already come into effect from the 2021 Autumn Budget. This means that employees, businesses, and the self-employed will pay 1.25p extra in tax for every pound they earn.
For lower earners the change this July will cancel out the NI surcharge, but higher earners will still be worse off overall.
- Fuel tax cut
The Chancellor announced a 5p a litre reduction in fuel duty for the next year, which will take out some of the burden of rising fuel prices.
The move would theoretically knock £3.30 off the cost of filling a typical 55 litre family car, according to motoring organisation The RAC.
The change came into effect on the same day as the Spring Statement, but has taken time to feed through to prices as suppliers buy fuel wholesale, which means the ‘cheaper’ fuel takes time to reach petrol stations.
Whether it has really helped family budgets remains unclear too. As a result of the war in Ukraine, the price of fuel has been fluctuating significantly at the moment, meaning the tax cut can be amplified or nullified one day to the next.
- Future income tax cut
An income tax cut will take effect in April 2024. At that point, the Basic Rate of Income Tax will be reduced from 20% to 19%. The Statement said it would be worth an average of £175 a year to 30 million people.
But for the 2022-23 tax year the Basic Rate Income Tax rate will remain at 20% on earnings between £12,570 and £50,270. This means that most people will start to pay the higher 40% rate when they have income of £50,270 or more.
These income tax thresholds were frozen by Sunak at a previous Budget. As they are not rising with inflation, more people will be tipped into higher tax brackets as their earnings increase – in effect a stealth tax.
The future 1p cut for Income Tax has implications for pensions too. Cutting the basic rate by a penny will mean that pension savers receive less relief on their contributions at that level.
Savers have been warned that in order to keep on track with their long-term goals, they will have to save more into their pensions as a result.
- Help on energy bills
Millions of households are facing a 54% increase in the cost of annual electricity and bill prices as the Ofgem energy price cap rose on 1 April. On average, this could mean that households will pay £693 more per year, up to nearly £2,000 annually for their bills, depending on the size and energy efficiency of their home.
The Chancellor has announced extra help for struggling families but did this ahead of the Spring Statement.
This includes a £150 council tax rebate for 80% of households (those in Council Tax bands A-D), followed by a £200 discount on bills in October which will need to be repaid, and an expansion to a support scheme for vulnerable people.
Sunak also cut the 5% VAT charge on energy efficiency measures such as solar panels and heat pumps, in order to encourage more households to upgrade their homes to run more cheaply and environmentally-friendly.
- Rising benefits and State Pension
State pension and benefits are rising by 3.1% in April. However, with inflation currently running at around 7.0% this is well below the rising cost of living, with many charities now calling on the Chancellor to go further.
The Triple Lock has been suspended for the State Pension, but is due to be reinstated next year, which will give pensioners a much healthier increase, currently forecasted at around 7.5%. This means the State Pension could go above £200 a week for the first time.
Local councils will be given another £500m in the Household Support Fund, which supports vulnerable people with payments and grants such as vouchers to help pay their bills.
Is long-term wealth building at risk from inflation and interest rate rises?
The wealth landscape has not been this tough for many years. Inflation is perhaps the trickiest issue for wealth growth right now, but interest rates have an effect too. Plus, the radical risk of geopolitical trouble has the effect of compounding both of these problems.
Inflation
Inflation is a problem we’ve not had to deal with in more than a decade. Since the financial crisis of 2008-2009 levels of inflation have, in historical terms, been extremely low.
But it has bounced back with a vengeance in the wake of the pandemic. At the time of writing CPI inflation is at 7.0% – its highest level in 30 years.
The effect of inflation on wealth is simple – if your assets are growing more slowly than the rate of inflation, then in real terms they are diminishing in value.
While it is recommendable to keep a certain amount of wealth in cash for rainy day emergencies, particularly in light of the rising cost of living, anything beyond that should be working harder elsewhere.
Savings rates in cash accounts are rising but are still well below inflation. The current top easy access account comes from Chase Bank at 1.5%.
While inflation is currently high on paper, averaged over many years, the level looks a lot more manageable. In the past 30 years inflation has averaged 2.8%, according to the Bank of England.
With this in mind, the goal of beating inflation over time seems far less unwieldly, through careful investments.
Interest rates
Interest rates have two key impacts on long-term wealth. The first is on debts.
Any kind of debt that is unsecured – be it via credit cards or variable rate mortgages – will get more expensive as rates rise. This makes wealth building harder, because you’ll have less money each month to put away.
In that context, credit cards should be paid down as quickly as possible, and variable rate mortgages should be fixed to protect you against further rate hikes.
Interest rates also affect investments. Riskier investments such as stocks tend to start performing less well when rates go up. This is because as rates rise the yield on bonds – Government and company debts – increase and become more attractive to investors.
But this risk is manageable with careful wealth and investment management, which can blend the best approach for the climate.
Wealth building
Ultimately, despite the twin risks of inflation and interest rates rising, it’s still possible to build wealth over the long term. Considerations of course need to be made, but adjustments are part of the process, and sticking to a course over time will still yield significant benefits.
Of course, with geopolitical catastrophes such as the war in Ukraine, things can look pretty bleak in the short term. But it is essential that anyone interested in building their wealth for the future, should focus on the long-term benefits and goals, rather than worry over short-term issues.
If you’d like to discuss any of the issues raised in this article, don’t hesitate to get in touch with your financial adviser.
What you need to know if you decide to work past the State Pension age
It used to be the case that your employer could force you to retire when you hit 65, whether you wanted to finish working or not.
However, the ‘Default Retirement Age’ was scrapped in April 2011, following a campaign by charity Age UK. Now older workers can, in theory, work for as long as they please.
In fact, a new survey from financial services tech consultancy Dunstan Thomas reveals that nearly 40% of Baby Boomers (those aged 58-75) plan to work beyond the current State Pension age of 66 or 67 by 2028.
Working past the State Pension age might be a wise option if you have outstanding debts to pay or you want to continue topping up your pension.
However, you might equally decide you’re just not ready to leave the workplace just yet.
Whatever the reason, there are certain things you need to know before you decide to delay your retirement.
Can everyone work past their State Pension age?
Most people can work past State Pension age, but there are some exceptions to the rules.
For example, your employer can technically ask you to retire if your job requires you to have certain mental or physical capabilities or if your job has an age limit set by law (e.g., the fire service).
However, the thing to remember is that if your employer asks you to retire, they must give a good reason why. And if you feel you have been treated unfairly, you can take your employer to an employment tribunal.
The State Pension
You can claim State Pension between the age of 66 and 68 depending on your date of birth, regardless of whether you are working or not.
However, many people opt to defer their State Pension payments until they stop work altogether.
One of the benefits of delaying your State Pension is that you get a larger weekly payment when you do eventually start taking it.
Your workplace pension
Many older workers opt to delay retirement in order to boost their pension pots. Even working just a few years extra can make a huge difference.
For example, a 65-year-old worker with a £200,000 workplace pension who adds £200 a month to their pot for five years would be left with more than £334,000, assuming 5% a year growth. (Note that compound interest has been added to this calculation using a compound interest calculator).
However, if you decide to carry on working but on reduced hours, bear in mind it’s likely that the amount you put into your pension will also likely fall.
Before making any decisions, it’s therefore a good idea to check with your employer to see how you might be affected.
Taxes
One of the perks of working beyond State Pension age is that you no longer have to pay National Insurance, unless you’re self-employed and pay Class 4 National Insurance Contributions (NICs).
However, you will have to pay income tax, depending on how much you earn.
Bear in mind also that drawing a salary, your workplace pension and your state pension at the same time can change the amount of tax you have to pay.
If you’re unsure about your options or how you might be impacted, then don’t hesitate to get in touch with your financial adviser.
Is it time to get an electric car?
With fuel prices soaring, and the cost of used cars continuing to rise in the wake of the pandemic, you might be wondering if now is the right moment to take the plunge and buy a new electric car.
In 2021 11.6% of new car sales were electric, according to the Society of Motor Manufacturers and Traders (SMMT). Looking at December alone, this number rises to 16.5%, showing a clear upward trend.
Electric vehicle (EV) technology has come on leaps and bounds from the days of the Corbin Sparrow. The Tesla Model 3 was the second best-selling car model in the UK in 2021, of any car, fossil fuel or electric powered.
The Government has also announced a ban on new fossil-fuel powered cars, which is set to take effect in 2030 – so not all that far off.
But there are still a few things to consider before taking the plunge.
Charging
This is one of the most basic considerations when looking at whether an electric car is viable for you.
The kind of house you live in can have a big impact on how easy it is to charge your EV. If you have a private driveway or garage, the process will be a lot easier than if you have on-street parking, particularly if it’s not always straight forward to park outside your house.
If you’re lucky enough to have private parking, you’ll need to think about whether you want to install an EV charger. It’s possible to charge an EV out of the mains electricity of your house, but it’ll typically take all night to get a full charge.
Bespoke EV units, which can typically be installed on the outside of the house or in a garage, will charge your vehicle much more quickly with much less hassle. You’ll need to decide whether you want a 3kW or 7kW charger – the former is cheaper, between £250-£500, while the latter will set you back up to £800.
Beyond your home, you’ll need to consider what the charging infrastructure is like in your local area, plus any other parts of the country you routinely visit.
Cities such as London have good infrastructure but in rural areas public chargers can be harder to find. Sometimes you’ll arrive at a station to find someone else’s vehicle there, or even a non-functioning spot.
Tools such as Zap Map are really helpful for finding charging points, and you can download the app to your phone too.
Range
Range is still unfortunately a big issue for EVs. While top-of-the-range EVs will come with stated ranged over 300 miles, this is still well short of a top-performing efficient diesel car that can routinely manage up to 600 miles on a tank. Plus, manufacturer claims about range tend to be optimistic at best, so the real range is often a fair bit shorter.
If you’re making routine long-distance journeys, it therefore might not be practical to have an EV as you’ll find yourself spending a lot of time at motorway charging stations.
As stated above, anecdotally, charging points in public places do often suffer from unreliability. Range anxiety is a real issue, making EVs a more sensible choice for families that tend to make shorter journeys and stay within a relative short distance of a reliable charger.
Cost
Cost is a huge factor for considering an EV. And it’s unfortunately quite complicated. It’s also been made less clear by the recent energy price hikes, as until recently, charging at home would have been an extremely cost-effective way to power up an EV.
That being said, petrol and diesel prices have also soared in 2022, meaning the running costs are still attractive. As an example, charging your car at Tesco Pod Points currently costs 24p/KwH. This equates to around £6-£7 for around 100 miles of charge. This is still much, much cheaper than fossil fuels.
While EVs also tend to be more expensive to buy upfront than a typical fuel car, the maintenance costs tend to be much lower. This is because EVs have considerably less moving parts compared to a combustion engine.
However, battery replacement can be a very costly exercise. Batteries are generally rated to around 100,000 miles use or eight years. At the end of this period, you’ll likely have to spend a significant sum to replace the battery with a new one. A Tesla Model Y costs £6,670 to replace and for a Nissan Leaf it is £4,900. However, these prices will likely rise in the future.
As for taxes and other municipal costs, EVs are currently favourable as they attract no taxes, and in regions such as London, you don’t have to worry about congestion or ULEZ charges. However, this may change in the future.
The Government recognises that as more cars on the road switch to EVs, their tax receipts are already falling due to people buying less fuel and not having to tax their cars annually. There is discussion, although none of it is confirmed for now, that the Government may have to introduce new forms of road taxes that include EVs in future to make up for this shortfall, including ‘pay per mile’ and other new taxes.
EVs also used to benefit from big subsidy incentives, but these have been cut back in recent years. Now when buying an EV you can expect a £1,500 discount on a new EV if it’s worth less than £32,000 new.
Finally, you’ll also need to take lead times into consideration. With global supply chain shortages, customers currently find themselves waiting up to six months for a new car. While this is also true for some fossil fuel new cars too, the used car market still has plenty to offer.
Of course, with such long lead times, the prices of used cars have skyrocketed too, making it an expensive time to buy a car either way, and definitely worth considering whether the car you’ve got right now can be repaired and cared for until prices come back down to earth.
The World In A Week - Confusion & uncertainty
Written by Richard Warne.
Equity and bond markets were generally in negative territory last week, with most bond indices declining around -1.0% and the global equity market, MSCI All Country World Index retracted -0.7% in Sterling terms. The shining light for the week was the performance of UK equities with the FTSE All Share Index +1.5%, a positive for us with an overweight to the UK equity market. The return of the UK market is indicative of the variation we have seen this year between value and growth, with the UK market being “old economy”, a beneficiary of the shift in expectations of rising rates and inflation, with its high exposure to mining, energy, and financials.
The shift in market sentiment emphasised the old economy and new economy deviation. While the UK market enjoyed a positive week, the Nasdaq 100 in the US, which has a significant allocation to technology, declined -2.8% in Sterling terms. The first quarter earnings season will soon be upon us, which may provide a guide to where markets are going. It will be important in helping to answer the question everyone wants to know – “are the global economy and markets strong enough to endure a monetary tightening cycle”?
The environment continues to remain confusing. Many of the macro-overhangs continue to weigh on markets, while the war in Ukraine sadly drags on with little visibility of a resolution. China is balancing how it contains recent COVID-19 outbreaks without damaging an already sluggish economy, while in the US the Fed is signalling an accelerated timeline for quantitative easing. In France, the resurgence of the far right could signal further political uncertainty in Europe. All good reasons why, as investors, it is important to stick to your investment journey and not be swayed by the uncertainty.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 11th April 2022.
© 2022 YOU Asset Management. All rights reserved.
The World In A Week - Weeks Where Decades Happen
Written by Cormac Nevin.
Last Friday marked the end of an extraordinary first quarter, which likely left most policymakers feeling like April fools. Policies centred around everything, ranging from dependence on Russian hydrocarbons to past assertions of the transitory nature of inflation, and began to unwind before our eyes. Vladimir Lenin famously said, “There are decades where nothing happens; and there are weeks where decades happen”, and this quote certainly applies to the first quarter of 2022.
Markets rallied last week as risk appetite appeared to return. The MSCI All Country World Index returned +1.2% in GBP terms. Overall, the first quarter was negative for both Equity and Fixed Income returns with the confluence of the economic impact from the war in Europe, causing higher interest rates as central banks battle stubborn inflation and further COVID restrictions in China causing a broad-based sell off. The MSCI All Country World Index of global equities was down -2.1% for the quarter, however outcomes ranged from -7.3% for Continental European Equities to +0.8% for UK Equities, while the S&P 500 in the US was down -1.4% despite heavy tech selling at the beginning of the quarter.
It was one of the worst quarters on record for Fixed Income, as the Bloomberg Global Aggregate GBP Hedged was down -5.2% in the face of rising interest rates, while Investment Grade Credit was down -7.1%. Similar to the equity markets, there was a wide dispersion of outcomes below the surface. Chinese Government debt was up +0.3% for the quarter while Short Dated Inflation Linked Bonds were down only -0.3%. Periods like this illustrate once again the necessity for diligent and diversified positioning to achieve the best outcomes for clients.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 4th April 2022.
© 2022 YOU Asset Management. All rights reserved.
The World In A Week - Sunak’s Spring Statement
Written by Millan Chauhan.
Last week saw the UK’s Chancellor of the Exchequer, Rishi Sunak, unveil his spring statement update that, in an attempt to support individuals with the rising costs of living, saw a marginal cut in fuel duty and a rise in the minimum threshold of National insurance. On Wednesday last week, UK inflation hit a 30-year high, reaching 6.2% in the 12 months to February. Inflation was at 5.5% in the 12 months to January, but the Russia-Ukraine conflict saw energy prices move even higher due to supply constraints, which has only added to the spiralling increase in living costs. Inflation increased by 0.8% in the month of February, with transport costs being the major contributor. Transport costs have seen an increase of 11.5% in the 12 months to February, the biggest increase of all categories measured by the Office for National Statistics.
Breaking down inflation further, energy prices were a top contributor with the inflation rate of electricity at 19.2% and gas at 28.3% for the year in the 12 months to February. The average household energy bill in February 2022 reached £1,971, compared to the previous year of £1,138, a staggering 73% increase.
Raising interest rates is one of the key monetary policy methods of tackling inflation, with the intention of reducing consumption and promoting savings. Global Central Banks have started increasing rates, with the Federal Reserve raising rates by 0.25% for the first time in 3 years. The Federal Reserve Chair Jerome Powell announced that rate hikes of greater than 0.25% may occur if necessary. The Federal Reserve expect to raise rates at each of their remaining six meetings this year. The pace at which the Federal Reserve acts to raise rates is going to be crucial as they intend to combat inflation fears without crippling the global economy. The current environment remains challenging as central banks are having to control inflation without causing a recession.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 28th March 2022.
© 2022 YOU Asset Management. All rights reserved.
The World In A Week - April is the Cruellest Month
Written by Cormac Nevin.
April proved to be another challenging month for investors as the MSCI All Country World Index retreated -3.5% in GBP terms, which admittedly was better than the -6.5% return in local currency terms thanks to the weakening in Sterling. There was a wide spread of outcomes for global investors across different markets. Much of the pain was concentrated in the tech-focused NASDAQ Index of US Equities which lost -13.3% in local currency terms over the month. The UK Equity market, measured by the FTSE All Share Index, was something of a safe haven in this environment, returning +0.3% for the month. Alongside falls in the equity markets, traditional Fixed Income markets offered little by way of protection as the Bloomberg Global Aggregate Index of investment grade bonds fell -2.8% in GBP Hedged terms, while the High Yield Corporate Index was down -3.3%.
These market ructions are likely symptomatic of the ongoing transition we have witnessed this year from the market exuberance and easy financial conditions which characterised the post-pandemic environment, to an environment with higher interest rates, higher inflation rates and more realistic equity valuations. One of the most notable developments this year has been the continued deflation of speculative equity valuations which reached levels reminiscent of the dot.com boom of the early 2000’s, while the bust has been eerily similar too. Cathie Wood’s much hyped Ark Innovation ETF is now in a -70% drawdown from its pandemic peak. Names that might be more familiar to UK investors, such as the Baillie Gifford suite of products, have experienced similar outcomes.
However, much like in the opening lines of T.S Eliot’s poem from which our title is sourced (ironically written at the twilight of the last great pandemic of 1918), April is also the month in which hope springs eternal. Value equity performance has been robust in recent months, active Fixed Income management has been hugely important and high-tech growth equities are now priced at more reasonable levels. Diligent and open-minded research will likely assist long-term investors to plant the seeds for future returns.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 3rd May 2022.
© 2022 YOU Asset Management. All rights reserved.