Issue 62 / May 2020
Editor’s letter
THE POST-CORONAVIRUS
INVESTMENT LANDSCAPE
THE PRICE ISN’T RIGHT
Should you be more worried
about inflation or deflation?
THE PRICE OF FREEDOM
Why the pensions industry
needs to offer more guidance
ON THE ROCKS
Is the battered commodities
sector due a rebound?
Fund, Pension, Trust / Data Hub / Sector Profile / Stockpicker / What I Bought Last
ISSUE 62
CREDITS
TRUSTNET MAGAZINE IS
PUBLISHED BY THE TEAM BEHIND
TRUSTNET IN SOHO, LONDON
As hopes of a
swift recovery
disappear
into the distance and
we adjust to the new
normal, Trustnet
Magazine has turned
its focus to what
investors can expect
once the dust settles.
In this month’s cover
story, Hannah Smith
attempts to find out
how the long-term
investment landscape
will differ from before
the coronavirus-related
shutdown, while I
take a more focused
look at the competing
forces of inflation
and deflation to see
which is more likely
to emerge triumphant
in the coming years.
Staying on this subject,
Rebecca Jones weighs up
the options for incomeseekers
now their love
affair with UK dividends
appears to be over.
This month’s sector
focus falls on IT
Commodities & Natural
Resources – it has
struggled to eke out
a return over the past
decade, but Adam Lewis
says that certain trusts
could now be due a
rebound.
In our regular
columns, John Blowers
says it is time for the
financial services
industry to step up
and provide more help
to retirees, Fidelity’s
Leigh Himsworth
names three renewable
energy stocks he is
backing and Sarasin
& Partners’ Adil Alaoui
reveals why he has
bought the Gresham
House Energy Storage
Fund.
Enjoy reading,
Anthony Luzio
Editor
WEBSITE: www.trustnet.com
EMAIL: [email protected]
CONTACTS:
Anthony Luzio
Editor
T: 0207 534 7652
Javier Otero
Art direction & design
W: [email protected]
Editorial
Gary Jackson
Editor (Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Eve Maddock-Jones
Reporter
T: 0207 534 7676
Abraham Darwyne
Reporter
Rory Palmer
Reporter
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
Constance Candler
Account manager
T: 0207 534 7668
Photos supplied by iStock
Cover illustration: Javier Otero
Contents
When the dust settles
Hannah Smith finds out
how the post-coronavirus
investment landscape will
differ from before
P. 4-13
Why this crisis favours
growth stocks
Scottish Mortgage’s joint
manager Tom Slater explains
why growth stocks have fared
better than value stocks in the
coronavirus pandemic
P. 14-19
The price isn’t right
Massive fiscal easing may
unleash the forces of inflation
– but deflation could be an
44
even bigger threat, according to
Anthony Luzio
P. 20-29
Divid-end of the affair
Rebecca Jones weighs up the
options for income-seekers now
their UK dividend love story is over
P. 30-37
Fund, pension, trust
Baillie Gifford China, Jupiter
Global Sustainable Equities and
Templeton Emerging Markets
Investment Trust find themselves
under the spotlight this month
P. 38-43
On the rocks
Following a lacklustre decade,
Adam Lewis asks if trusts focused
on commodities are due a
rebound
P. 44-51
Data hub
Inflation: The silent killer
P. 52-53
The price of freedom
John Blowers says giving the
non-financially literate control
of their pension when they
retire is a recipe for disaster
P. 54-61
30
Green zone
Fidelity UK Opportunities’
Leigh Himsworth names three
stocks that offer compelling
opportunities in the renewable
energy space
P. 62-63
What I bought last
Sarasin & Partners’ Adil Alaoui
says four key drivers
for energy storage
convinced him to
invest in Gresham
House Energy
Storage Fund
P. 64-65