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David Kimberley
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Updated 17 May 2022
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Disclaimer

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Miton UK MicroCap. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Introducing our new podcast series

This is the first episode of the Kepler Trust Intelligence podcast, where we’ll be speaking to leading figures in the investment trust space, to get their thoughts on the markets, investment ideas, and more.

In episode one we’ll be talking about deglobalization. This is a topic that has been on investors' minds since the Brexit vote and election of Donald Trump six years ago.

Shortly after Trump won the US presidential election in November 2016, hedge fund manager Crispin Odey sent a note to clients, saying:

"Globalisation, competition, internationalism are now firmly in the retreat. Inflation and protectionism promise a future which is not as kind to financial assets as QE and deflation has been."

If his words were pertinent then, they’re doubly so now. Rising inflation, broken supply chains, and war in Europe have combined to make a deglobalised world look much more appealing to many of us than it would a decade ago.

But if we are entering a period of deglobalisation, what does that mean for us as investors and – more importantly – how should we respond to these changes?

To discuss this, we were joined by Gervais Williams. Gervais is head of equities at Premier Miton, where he manages the Diverse Income Trust and the Miton UK Microcap Trust. He is also the author of three books, including ‘The Retreat of Globalisation: anticipating radical change in the culture of financial markets’ which was published in 2016.

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Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.