Innovative  Independent  Thinking
Before you use our website we need you to know this. Click on each section for the full information.
We do not offer investment advice to private investors

Absolute Return Partners does not offer investment advice to private investors (Retail Clients as defined by the UK Financial Conduct Authority). All such investors are advised to contact Quartet Investment Managers on +44 20 8939 2920 or visit quartet-im.com.

Our website does not give investment advice

The information contained on the website you are about to access (Website) is for information purposes only and does not constitute and should not be construed as advice on which reliance should be placed, nor is it an offer by Absolute Return Partners LLP (ARP) to enter into any contract or investment agreement or a solicitation to buy or sell any investment in any jurisdiction or in any circumstances. Any information provided in relation to a specific fund is not intended to provide a sufficient basis on which to make any investment decision as any such decision requires careful study of the offering memorandum of the relevant fund.

Information about Unregulated Collective Investment Schemes is not intended for the general public

No information on the Website is intended to amount to the financial promotion of Unregulated Collective Investment Schemes which are not authorized or recognised by the UK Financial Conduct Authority (FCA) and cannot be promoted to the general public. Any such information is intended solely for certain classes of investors permitted to receive it under relevant legislation and regulations, including investors falling within the qualifying categories set out the Conduct of Business Rules contained in the FCA Handbook or in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2005, in each case as amended or replaced from time to time. This is because such investors are sufficiently experienced and sophisticated to understand the risks associated with such investments, including the possibility of a substantial loss or complete loss of their investment.

Our website stores information on your device

Our website uses technologies, such as cookies, to distinguish you from other users of our website, which helps us to provide you with a good experience when you browse our website and also allows us to improve our site. We do not use these technologies for third-party related advertising or for storing/collecting personal information. For more information please see our Privacy Policy.

You accept our Terms and Privacy Policy when using our website

Before accessing the Website you should carefully read the terms set out in our Terms of Website Use and our Privacy Policy as these will apply to the entire contents of the Website and to any correspondence between us and you.

By accessing any part of the Website you are indicating that you accept these terms and that you agree to abide by them. If you do not accept these terms, do not use the Website.
Agree and close

ARP Observations

In this section, we provide some thoughts on events and developments that are shaping the world and informing our investment advice and strategies.

Chart of the week – Protectionism on the Rise
The EU and US combined have hugely increased the number of protectionist policies in place in recent years. This is not conducive to global growth; in fact it is outright obstructive to it . . .
Chart of the week – Labour’s demographic problem
Demographics will make it increasingly difficult for Labour to gain power in the UK.
Chart of the Week - GDP needs (reasonably) cheap energy
Economically, nothing is more important than energy. Industry would die virtually overnight.
Chart of the week – US debt levels are in (relatively) good shape
Despite all the negativism towards the US economy and its supposedly vast amounts of debt, the reality is very different. The absolute numbers look big, but that is because the economy is so big. On a relative basis (as % of GDP) the debt problem in the US is small compared to many other economies.
Chart of the week - Market apathy?
Are equity markets reflecting today’s systemic risks? Proceed with caution . . .
Gold: Hedge, safe-haven or just a malleable mineral?
Considered undisputed by some as to its allure and perceived intrinsic value, gold has had, and continues to have, a profound impact on economic, cultural and environmental values.
Chart of the Week - Confidence Trick
US consumers are feeling rosy right now. Could this be the peak though?
The Untied Kingdom
Should Scotland's First Minister seek a second referendum, as she now has authority to do, can Scotland afford it?
Passively active risk
The significant flow of funds from active to passive mandates implies a risk that is not widely understood. Passive equity funds pay no attention whatsoever to valuations.
Why bother with profit to make money
These days more and more companies – particularly in the U.S. – are run for volume rather than profit.
Chart of the Week - Mind the Gap
US Economic Growth - the gap between hope and reality widens
Year of the Alpha
At Absolute Return Partners we distinguish between four types of risk – beta, alpha, gamma and credit risk. Alpha risk is the contentious one. There is more than one way to think of alpha risk.
Chart of the week - Trump Pie
Trump’s promise to the American populace that he can deliver 3.5-4.5% annual GDP growth consistently is a pie in the sky.
Innovation ≠ Productivity
Today’s innovations are not likely to have nearly the same impact on productivity as, say, the car had on the productivity of our parents.
All change at the next nation
With 2017 well underway, one concerning factor stands out above everything else, and that is what is usually classified as growing nationalism. I am not convinced that the true driver is just growing nationalism.
Does demographics matter to long-term equity returns?
Several studies confirm what we already know intuitively. Middle-aged adults are important drivers of capital market returns.
Change is coming
Fund managers are going to struggle to perform sudden miracles and deliver outsized returns in the prevailing low return environment. So, it is fees that make a significant difference to the bottom line.
The Empire Strikes Back(wards) – Now what?
Democracy has been served. Brussels and London (or at least the elite in those cities) have received a slap in the face.