Q1 Performance Reports
The MPI Performance Reports for Q3 2023 are now available online for you to view and download. To use our interactive perfomance reports please click the button below.
You can also download the summary reports below.
To download the complete MPI time series please click the icon below.
INVESTMENT MANAGERS SURVEY
Over the quarter, Sterling low-risk portfolios returned modest positive results of 26bps on average, with medium and high-risk mandates posting -9bps and -28bps, respectively. August and September proved difficult for both equities and bonds as the markets finally woke up to the fact that central banks intend to keep rates higher for longer. We saw less dispersion of results overall this quarter, with Sterling portfolios returning between 3% and -6%.
Our survey of managers demonstrated that there had been little activity this quarter, with managers happy to hold higher weighing in cash and fixed income. However, there does appear to be a trend of taking more risk in fixed income, with around half indicating they have increased or significantly increased duration over the period, with only about 10% indicating they had reduced duration. The majority of managers, when asked, expected that BoE base rates would be between 4.75% and 5.25% in twelve months’ time, with around 20% expecting them to be higher and just 10% lower.