articles & commentary from Seneca Investment Managers

Seneca Investment Managers

Investment News for Financial Advisers & Paraplanners - Seneca: Active management and the predictability of markets #2: Robert Shiller

This is the second in a series of four of my investment letters dedicated to active management, focussing on some of the key figures involved in the study of market predictabilities. Having last month written about the “father of modern finance”, Eugene Fama, this month I take a look at Yale economist, Robert Shiller. more...

Investment news for Financial Advisers and Paraplanners - Seneca Global Income & Growth Trust plc factsheet is now available

The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many? more...

Investment update for Financial Advisers and Paraplanners - Active management and the predictability of markets #1: Eugene Fama

According to Moody’s, total assets in passive funds in the US will overtake those in actively managed funds in 2021. In light of this significant moment being almost upon us, I thought it would be interesting to write about the predictability of financial markets - the basis of active management - and some of the key protagonists. more...

Investment news for Financial Advisers & Paraplanners - Seneca Global Income & Growth Trust plc factsheet is now available

The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many? more...

Investment News for Financial Advisers and Paraplanners - Seneca: A Confusing Time for Economists

The very rapid decline in safe haven bond yields in recent months has taken me somewhat by surprise. Although we at Seneca have been preparing for a downturn in 2020 for some time, I had been expecting economies and thus bond yields to remain firm for a little while longer more...

Investment News for Financial Advisers and Paraplanners - Seneca: It’s time to specialise – White Paper and Webinar

As the global economy may be overdue for a downturn with increased geo-political uncertainty, Seneca IM believes adding specialist assets such as real estate investment trusts, infrastructure and specialist financials to an investment portfolio makes sense. more...

Investment news for Financial Advisers & Paraplanners - Seneca: latest fund factsheets are now available

At Seneca Investment Managers we are experts in Multi-Asset Value Investing and would like to help guide you on your search. We think our results speak for themselves. more...

Investment news for Financial Advisers & Paraplanners - Latest Seneca Global Income & Growth Trust plc factsheet is now available

The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many? more...

Investment news for Financial Advisers & Paraplanners - Seneca: Long-term Returns and the Dangers of Complacency

I certainly like the idea of defining volatility in terms of whether you reach your investment goal, rather than short- term volatility. The former risk relates to permanent loss of capital – if you fail to achieve your goal then the shortfall is one you can never make up. Short-term volatility on the other hand should simply be viewed as a cost of seeking to achieve your long-term goal rather than a risk to be avoided – unless you have an absurdly unambitious goal your portfolio will always have its ups and downs from year to year. more...

Investment News for Financial Advisers & Paraplanners - Seneca Global Income & Growth Trust plc factsheet is now available

The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many? more...

Investment News for Financial Advisers & Paraplanners - Seneca Investment Managers goes for Gold!

Seneca Investment Managers (Seneca IM), the boutique, Multi-Asset Value Investment specialist, has started building a position in gold across its funds as protection against what it feels is an increasing likelihood of a global economic recession. The fund manager has purchased units in both the Investec Global Gold Fund and the Invesco Physical Gold ETC in its three public funds: the LF Seneca Diversified Income Fund; the LF Seneca Diversified Growth Fund, and; the Seneca Global Income and Growth Trust. more...

Investment News for Financial Advisers & Paraplanners - Seneca IM: Peter Elston Investment Letter - Gold is not what you think it is

In this month’s letter, Peter writes about gold and how it may be an alternative to cash in an investment portfolio in a world in which paper currencies are being debased by central banks. more...

Investment news for Financial Advisers & Paraplanners - Seneca Investments Managers: Searching wider for ISA income this year?

LF Seneca Diversified Income Fund is eligible for your clients' ISAs Here at Seneca IM, we understand that investors are having to search wider for an attractive income in their ISA. This is where our Diversified Income Fund can deliver. more...

Investment news for Financial Advisers & Paraplanners - Seneca: Making the most of an investment edge, March 2019

Whether in skill games like Poker or luck games like Blackjack, repeatable success requires tilting the odds in your favour, then betting the appropriate amount as a percentage of your bankroll. In Blackjack, the way to tilt the odds towards you, and thus away from the house, is by counting cards (this however is considered cheating by casinos, so I wouldn’t recommend it). more...

Investment news for Financial Advisers & Paraplanners - Latest Factsheets from Seneca Investment Managers

The value of Seneca - applying a value ethos across a range of assets: why restrict good thinking to just one asset class when it can be applied to many? Please find the latest fund factsheets for the LF Seneca Diversified Income Fund and LF Seneca Diversified Growth Fund linked below. We hope you find them useful. more...

Investment news for Financial Advisers & Paraplanners - Seneca: Searching wider for ISA income this year?

Here at Seneca IM, we understand that investors are having to search wider for an attractive income in their ISA. This is where our Diversified Income Fund can deliver. more...

Investment webcast for Financial Advisers and Paraplanners - Seneca Investment Managers Multi-Asset Market Winter Review and Outlook for 2019

Seneca IM’s Head of Business Development, Stephen Hunter speaks with Peter Elston, CIO, as they discuss his outlook for 2019 as well as the reasons for a late 2018 “Kaboom”. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston: Investment Letter

As it’s the beginning of the year, this month’s letter will focus on the investment performance over the last year of our three public funds, as well as performance over longer periods. Below are tables summarising both fund and sector performance. more...

Investment news for Financial Advisers & Paraplanners - Seneca: Krippner revisited

In my January 2016 investment letter, I wrote about some interesting but little-heard-of research by Dr Leo Krippner at the Reserve Bank of New Zealand on the subject of quantitative easing. It was therefore nice to see that he had received a Central Banking Award for Economics last year in relation to this work1. more...

Investment news for Financial Advisers & Paraplanners - Seneca: Are you in Denial

This month’s letter is reproduced with the kind permission of Trustnet, in which the article was originally published on the 7th of November 2018. more...

Investment news for Financial Advisers & Paraplanners - Latest Factsheet from Seneca Investment Managers

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment news for Financial Advisers & Paraplanners - Latest Factsheets from Seneca Investment Managers

Please find the latest fund factsheets for the LF Seneca Diversified Income Fund and LF Seneca Diversified Growth Fund. We hope you find them useful. For professional investors only. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston: Investment Letter

Last year we laid out a road map for a gradual reduction in our funds’ equity exposure, firstly from overweight – in relation to strategic asset allocation (SAA) – towards neutral, then from neutral to underweight. In our latest reduction at the beginning of October, we reduced equity targets for our three public funds – LF Seneca Diversified Income Fund, LF Seneca Diversified Growth Fund, and Seneca Global Income and Growth Trust – to 32.5%, 47.5%, and 52.5% respectively. These positions represent underweights in relation to SAA of 7.5%, 12.5% and 7.5% respectively – the reason the growth fund’s underweight is greater than those of the other two is that it has no requirement to distribute income so can be higher conviction with respect to its tactical asset allocation. more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheet from Seneca Investment Managers

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment commentary for Financial Adviser and Paraplanners - Seneca: Peter Elston’s Investment Letter – Our valuation methodology as applied to US equities

In June, we moved to a zero weight in US equities across all our funds. This is obviously a very high conviction position given that the US accounts for more than one third of total global equity market capitalisation. more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheet from Seneca Investment Managers

Latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment news for Financial Advisers and Paraplanners - Dis-flation, deflation and inflation - the good, the bad & the ugly!

Am I right to worry about higher inflation? Followers of our funds and my writing will know that we have been reducing risk in anticipation of inflation becoming a problem over the next 1-2 years. There is a sound basis for this stance, but it is one we keep under constant review. more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheets from Seneca Investment Managers

Please find the latest fund factsheets for the LF Seneca Diversified Income Fund and LF Seneca Diversified Growth Fund. We hope you find them useful. more...

Investment news for Financial Advisers and Paraplanners - Seneca IM: Peter Elston - Monthly Investment Letter

In this month’s letter, Peter writes about tactical asset allocation in the context of the current phase of the business cycle. He suggests that this is the most difficult phase for asset allocators, as equity underweights can appear to be a mistake in the lead up the end of the investment cycle. more...

Investment news for Financial Advisers and Paraplanners - Seneca Global Income & Growth Trust factsheet – Experts in Multi-Asset Value Investing

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment news for Financial Advisers and Paraplanners - New research on Seneca Global Income & Growth Trust plc from Edison - 'Continuing to reduce equity exposure'.

Please find the latest research from Edison, which gives an overview of recent developments on Seneca Global Income & Growth Trust plc, 'Continuing to reduce equity exposure'. more...

Investment news for Financial Advisers and Paraplanners - Five points about active management

Seneca Investment Managers’ CIO Peter Elston outlines five key points he believes are key when considering actively managed solutions. This covers: 1. Size of AUM - Small is beautiful (but not too small) 2. High tracking error is bad but low tracking error is worse 3. Passive Multi-Asset funds do not capture the opportunity in ‘specialist assets’ 4. Passive beats active in the ’single-asset’ space, but in Multi-Asset the opposite is the case 5. Are there ‘suitability’ issues in relation to putting clients into passive Multi-Asset  more...

Investment news for Financial Advisers and Paraplanners - Seneca Global Income & Growth Trust factsheet – Experts in Multi-Asset Value Investing

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. Seneca Global Income & Growth Trust plc If you would like to know more about our multi-asset value investing approach or have any other questions, please see our website or contact us for further details. more...

Investment news for Financial Advisers and Paraplanners - Seneca IM latest factsheets – Experts in Multi-Asset Value Investing

Latest Factsheets from Seneca Investment Managers Please find the latest fund factsheets for the LF Seneca Diversified Income Fund and LF Seneca Diversified Growth Fund. We hope you find them useful. For professional investors only. LF Seneca Diversified Income Fund LF Seneca Diversified Growth Fund more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheet from Seneca Investment Managers

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston - Monthly Investment Letter

In this month’s letter, Peter explains why strong economies are not on the whole good for stock markets. You can find more of Peter’s thoughts, including a review and outlook section, here. more...

Investment news for Financial Advisers and Paraplanners - Seneca IM: Peter Elston - Monthly Investment Letter

In this month's letter Peter writes about behavioural investing the related topics of behavioural economics and behavioural finance and how irrational human behaviour links these areas of study. more...

Investment news for Financial Advisers and Paraplanners - Executive interview - Seneca Global Income & Growth Trust

Moving to a more defensive position Seneca Global Income & Growth Trust (LSE:SIGT) was launched in 2005 and adopts a ‘Multi-Asset Value Investing’ approach, aiming to generate income and capital growth with low volatility by investing in a multi-asset portfolio of equities, fixed income and specialist assets. Since July 2017, SIGT’s performance has been benchmarked against CPI +6%*. Annual dividends have increased each year since 2013. On 1 August 2016, SIGT adopted a discount control mechanism aiming to ensure that its share price trades very close to NAV. more...

Tax trust and Isa news for Financial Advisers & Paraplanners - Seneca: Searching wider for your clients’ ISA investment this year? 

Seneca Investment Managers offer a choice of diversified multi-asset approaches that aim to deliver either an attractive growth or a high level of real, consistent income. more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheet from Seneca Investment Managers

Please find attached the latest fund factsheet for the Seneca Global Income & Growth Trust plc. We hope you find it useful. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston - Monthly Investment Letter

In this month's letter, Peter writes about his analytical framework for tactical asset allocation as well as the road map he has set out in relation to Seneca Investment Managers' funds for the rest of the current cycle and the beginning of the next. more...

Investment news for Financial Advisers and Paraplanners - Latest Factsheets from Seneca Investment Managers

Please find in the links below Seneca Investment Managers' latest fund factsheets for the LF Seneca Diversified Income Fund and LF Seneca Diversified Growth Fund. We hope you find them useful. more...

Investment news for Financial Advisers and Paraplanners - New research on Seneca Global Income & Growth Trust plc from Marten & Co

Attached is a new research note from Marten & Co, which gives an overview of recent developments in SIGT. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston - Monthly Investment Letter

In this month’s investment letter, Peter talks about the Seneca Investment Managers funds past performance vs. other passive multi-asset funds and how the bond bear market could "just be getting started". He goes on to show the performance attribution for the Seneca Investment Managers funds followed up by how he believes 2018 will unfold. more...

Investment news for Financial Advisers and Paraplanners - Seneca Global Income & Growth Trust factsheet – Experts in Multi-Asset Value Investing

Leonardo Da Vinci is credited with saying “simplicity is the ultimate sophistication”. Warren Buffet many years later when asked his secret of success said “keep it simple, do what works” Things do not have to be complicated to be effective. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston - Monthly Investment Letter

In this month’s letter, Peter extols the benefits of a simple approach to asset allocation. “Take a look at the equity weight over time of some multi-asset funds”, he writes, “and you’d have thought that the manager was at best flipping coins and at worst drunk. Up one month, down the next, up again, down again.” Peter goes on to provide an example of a simple asset allocation decision making framework that adds value over time. more...

Investment news for Financial Advisers and Paraplanners - Seneca IM: The value of a value approach

Picture this scene: you are walking down a high street for some early Christmas shopping. To the left all the shops have signs in the window saying “Sale” great value today…..to the right the shops have signs in the windows saying ”Prices up”. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston's Investment Letter

In this month’s letter, Peter aggregates recent discussions he has had on the subject of “good active management”. In relation to AUM, he notes that small is beautiful (but not too small), citing his August letter in which he wrote, “the big firms…continue to peddle the notion that bigger is better – witness a certain recent merger – when in fact my – and Warren Buffett’s! – opinion is that the opposite is the case." more...

Investment news for Financial Advisers and Paraplanners - Seneca: Recognising quality, value and performance

Multi-asset investing means investing across a wide range of assets and aims to find low correlated assets with good returns that can deliver a stable and smooth return. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Recognising quality, value and performance

External recognition is always pleasing and at Seneca IM, we are delighted our value approach and the performance we are delivering to investors has led to us being recognised as finalists in the Specialist Investment Awards 2017 in two distinct categories: • Multi Asset Group of the Year • Boutique Management Group of the Year (multiple strategies) The winners will be announced in late October. Our unique Multi-Asset Value Investing approach of searching wider continues to deliver excellent returns whilst balancing risk. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston - Monthly Investment Letter

Peter continues his critique of active management and how it should be measured. This month, he applies the methods of Professor Ross Miller to measure the "active-ness" of funds in the IA Mixed Investment 20-60% Shares sector, with some interesting results. more...

Investment news for Financial Advisers and Paraplanners - Latest Marten & Co research on the Seneca Global Income & Growth Trust

Attached is a new research note from Marten & Co, which gives an overview of recent developments in SIGT. This includes the recent change to the Trust's benchmark introduced at it's annual general meeting on 6th July 2017. more...

Partner event for Financial Advisers and Paraplanners - Save the Date - Seneca IM anniversary drinks reception - 2nd November

We would be delighted if you would save the evening of 2nd November in your calendar to join us for drinks and canapes to celebrate the third anniversary of Seneca Investment Managers. more...

Investment Manager update for Financial Advisers and Paraplanners - Seneca Investment Managers announced as latest provider partner for Panacea Adviser

Panacea Adviser, the online community and resource for financial advisers and paraplanners, has announced Seneca Investment Managers (IM) as the latest firm to join its growing roster of provider partners. more...

Investment news for Financial Advisers and Paraplanners - Seneca: Peter Elston's Investment Letter

This month, Peter writes about poor active management and also looks at the position of Seneca Investment Managers in the world fund manager rankings. "I abhor poor active management. "I abhor it because there are so many individuals whose retirement savings have been invested in poor products; because it has given the active management industry in general a bad name; and because the big firms who are among the worst offenders continue to peddle the notion that bigger is better – witness a certain recent merger – when in fact my - and Warren Buffett’s! - opinion is that the opposite is the case." To find out more and read the full investment letter, please click here or on the link below. more...

Investment news for Financial Advisers and Paraplanners - Senca Investment Managements: Experts in Multi-Asset Value Investing

Like a journey to a new destination, investors can benefit from an expert to guide the way. At Seneca, we have considerable expertise and have been guiding investors in multi-asset for over a decade. more...

Investment News for Financial Advisers and Paraplanners - Seneca IM: Experts in Multi-Asset Value Investing

Like a journey to a new destination, investors can benefit from an expert to guide the way. more...

Investment news for advisers and paraplanners - Seneca IM: Peter Elston’s Investment Letter

Preparing for the next downturn The whole point of a fund is to pool investments and thus diversify risks. Multi-asset funds particularly embody the concept of diversification, because, unlike single-asset class funds, they diversify risks across asset classes as well as holdings. more...