Abacus DFM Literature

August 2021

ACUMEN ESG Protection Portfolio

Acumen ESG Protection

Portfolio

Acumen ESG Protection

Portfolio Brochure

Enviromental, Social &

Governance Investing

Tavistock ESG

Investment Policy

Abacus Literature

Investment Toolkit

Brochure

Quarterly Perspectives –

Q3 2021

Abacus Centralised

Investment Proposition

Investment Toolkit

Performance Comparison

Abacus DFM Model

Portfolios Brochure

Abacus DFM Rolling

12-Month  Review

Protection Portfolio Literature

ACUMEN Capital Protection

Portfolio Brochure

ACUMEN Capital Protection

Portfolio Factsheet

ACUMEN Income-Protection

Portfolio Brochure

ACUMEN Income-Protection

Portfolio Factsheet

Protection Portfolio

Availability

Fund Risk Profiling Report

ACPP, AIPP & AEPP

Protection Portfolios

Product Specification

Monthly Portfolio Changes

In August we made several changes to the ACUMEN Portfolios. In fixed income we took partial profit on short-dated US TIPs and sold the 3-to-7-year ‘belly-of-the-curve’ US Treasury ETF. We increased exposure to global government bonds and specifically the long-dated eurozone government bond ETF. In equities we sold our allocation to US industrials and initiated a new position in US healthcare stocks. We also increased our exposure to global ‘quality’ stocks which benefit from strong and stable earnings and tend to outperform during mid-cycle transitions. Within emerging markets, we sold our allocation to Brazil and replaced it with a broad-based ESG screened alternative. In commodities we took profit on our tactical exposure to copper. Finally, we reduced the size of our fx overlay, thereby increasing our US dollar position across the proposition.  

Abacus Factsheets – DFM

Abacus Low (3) – DFM

Abacus Low Plus (4) – DFM

Abacus Medium Minus (5) – DFM

Abacus Medium (6) – DFM

Abacus Medium Plus (7) – DFM

Abacus High (8) – DFM

Abacus Low Plus Income (4) – DFM

Abacus Income (5) – DFM

Abacus Active Profile Factsheets – DFM

Abacus Active Profile 3 – DFM

Abacus Active Profile 4 – DFM

Abacus Active Profile 5 – DFM

Abacus Active Profile 6 – DFM

Abacus Active Profile 7 – DFM

Abacus Active Profile 8 – DFM

Abacus Passive Profile Factsheets – DFM

Abacus Passive Profile 3 – DFM

Abacus Passive Profile 4 – DFM

Abacus Passive Profile 5 – DFM

Abacus Passive Profile 6 – DFM

Abacus Passive Profile 7 – DFM

Abacus Passive Profile 8 – DFM

ESG Update

There are several recent critiques of all things ESG worth addressing. First, Tariq Fancy, ex-CIO for sustainable investing at BlackRock, published an extended essay to explain all sorts of ESG-flavoured problems, which boil down to the charge that in trying to solve various global challenges with market-based solutions, investors are obstructing the less exciting but more important work of policymakers and worse, hyperbolising the impact that their solutions might have. Second, Desiree Fixler, ex-global head of sustainability at DWS, alleged that her former employer misrepresented the extent to which ESG data was integrated into standard asset management processes; regulators in the US and Germany are currently investigating her claim. Calling out foul play is important, but hyperbole works both ways: there are rational rebuttals to many of Fancy’s anecdote-heavy arguments. More, headline-friendly criticism ups the reputational risk for those attempting to adapt to new ESG regulations or best practice methodologies. Investors are in a tricky spot. Move too slowly, and risk losing demand for your product because your competitors have out-innovated you. Move too quickly, and risk losing the trust of your clients if you exaggerate your innovation. We believe a sustainable balance can (and must) be struck. This is what we aim to deliver via our own inhouse ESG proposition.

Abacus SRI Profile Factsheets – DFM

Abacus SRI Profile 3 – DFM

Abacus SRI Profile 4 – DFM

Abacus SRI Profile 5 – DFM

Abacus SRI Profile 6 – DFM

Abacus SRI Profile 7 – DFM

GBP Update

Please see below our monthly Sterling chart, showing the month end GBP/USD rate of 1.36, which is below the 10 and 20-year averages. The chart also highlights Sterling’s purchasing power parity (PPP) as well as Capital Economics’ forecast for a return to 1.45 by the end of 2022.

Abacus Associates