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MitonOptimal Quarterly Newsletter - Q1 2014As we move into the second quarter of the year, relative calm and complacency is definitely reflected in global investment markets and the wealth management industry in general. MitonOptimal has made large strides across the Group, over recent years, to further build our expertise and capabilities in multi-asset management and discretionary fund management services for financial advisers and their clients, plus selected institutional clients. We believe that we are perfectly positioned to assist intermediaries in handling what lies beyond the currently calm and complacent investment world.

Global markets have consolidated on a great year in 2013, with a range-bound first quarter. Our core, long-term, asset allocation themes have not changed, but there is no doubt that we are slightly more cautious, from a short-term tactical perspective. The fragile, five currency volatility debate over Chinese growth in the year(s) ahead, plus political unease in the former USSR, gives us plenty to ponder in our morning meetings.

In this issue, Roeloff Horne digs deep into the new normal (Domestic Asset Allocation Overview – Page 11) whilst Joanne Baynham talks about global asset classes and what we can expect for the rest of the year. Prof Evan Gilbert tackles the delicate subject of performance fees and the balance between incentivisation and what’s fair to the client. Our South African high conviction equity manager, Armin Diem, looks at the pros and cons of domestic commodity stocks vs. consumer related counters. Our Chief Operating Officer, Rob Macdonald, looks at the concept of the optimal business strategy, in challenging times. Finally, our new guest columnist looks at South African politics and the “Nkandla” ramifications for the upcoming elections.

The MitonOptimal team continues to grow, with Gabriel Botha joining as a client portfolio manager in Cape Town during Feb, as we continue to invest in talented young people to assist out clients and ultimately drive the business forward in the years to come.

Thanks to all our intermediaries, clients and staff for a great start to the year and I’m sure the calm and complacent environment will continue forever, Yeah Right!

Quarterly Newsletter - Q1, 2014



MitonOptimal International Limited
Les Vardes House
La Charroterie
St Peter Port
GY1 1EL​
Channel Islands

Regulatory Information

MitonOptimal International Limited is registered in Guernsey (Registration No. 51561) and is the overlying holding company of the companies that make up the MitonOptimal Group.
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