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The contents of this website have been approved by PISEL, which is authorised and regulated by the Central Bank of Ireland. Perpetual Group is a trading name of PISEL.
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All investment products and services referenced in this website are managed and offered by either PISEL or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates").
The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.
Any tax relief mentioned is that currently available and is subject to change. The value of any tax advantage is dependent upon individual circumstances.
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For UK Professional Investors only:
This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom and should not be relied on by residents or citizens of other jurisdictions. By clicking the “Proceed” button above, you are agreeing to the Terms & Conditions of use.
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Please read this information carefully as it governs your use of this website. If you use this website then you will be agreeing to the terms of use that appear below. This information and the terms of use are subject to change at any time without notice.
The contents of this website are issued and approved in the UK by J O Hambro Capital Management Limited (“JOHCML”) which is authorised and regulated by the Financial Conduct Authority. Registered office: Level 3, 1 St James’s Market, London SW1Y 4AH. Issued in the European Union by Perpetual Investment Services Europe Limited (“PISEL”) which is authorised by the Central Bank of Ireland. Registered office: 24 Fitzwilliam Place, Dublin 2, Ireland D02 T296. References to “JOHCM” below are to either JOHCML or PISEL as the context requires.
This website provides information about JOHCM investment products and ideas aimed at institutional investors only. If you are in any doubt about any of the information on this website, please consult your financial adviser. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.
Specific risks associated with particular investments are detailed on this website and in our printed literature. Please ensure that clients are shown a copy of the relevant Prospectus and Key Investor Information Document (KIID) before investing. Prospectuses, KIIDs and application forms are available to download from the Literature section of this website.
Any tax relief mentioned is that currently available and is subject to change. The value of any tax advantage is dependent upon individual circumstances.
JOHCM shall have no liability (save for any liability JOHCM may have under the Financial Services and Markets Act 2000, any equivalent legislation in any other jurisdiction or any replacement regulation if legislation permits such a statement to be made) for damage arising out of the use of or reliance on the information provided including any loss of profit or any other damage, direct and consequential.
Other JOHCM affiliates comprise of the following five incorporated entities:
- J O Hambro Capital Management Limited (Registered No. 2176004) is authorised and regulated by the Financial Conduct Authority.
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The distribution of the information contained on this website may be restricted by law in certain jurisdictions and, accordingly, persons who access it are required to inform themselves of and comply with any such restrictions. Persons interested in acquiring any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile for such acquisition; (ii) any foreign exchange control requirement which they might encounter on the acquisition or sale of investments; and (iii) the income tax and other tax consequences which might be relevant to the acquisition, holding or disposal of any investment.
This website gives wider circulation to certain documents and information that may also be available by other means. JOHCM has used its best efforts to ensure that the information appearing on this site has been properly reproduced and is accurate, but cannot accept responsibility for errors, omissions or inaccuracies. Should there be any discrepancies between documents reproduced on this website and the originals, then the originals will prevail.
Terms of use
The information on this website does not constitute an offer or solicitation and is provided for information purposes only and not as the basis for any contract for the purchase or sale of any investment product or instrument. The information on this website shall not be deemed to constitute advice and should not be relied on as such to enter into a transaction or for any investment decision. It is not the intention to make available the material on this website in any territories where to do so would be unlawful.
The Privacy Statement applies to this website only. We keep our Privacy Statement under review and will place any updates on this web page. Our website contains links to other websites. When you link to other websites you should read their own privacy notices. These links do not constitute any endorsement, sponsorship or approval of the materials appearing in such websites. In accessing these websites you may be proceeding to the website of an organisation that is not regulated under the Financial Services and Markets Act 2000. JOHCM has not examined such websites and does not take any responsibility for the contents of such sites or for their services.
The information included on this website is published in good faith and, whilst JOHCM has taken all reasonable steps to ensure its accuracy, no warranty express or implied is made by JOHCM or its affiliates as to its accuracy.
JOHCM may make changes to the website pages at any time without notice. JOHCM makes every effort to keep this website operational, however, certain technical difficulties may, from time to time, result in suspension of the website's operations. JOHCM does not accept liability arising from failure of the website to remain operational.
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Privacy Policy
JOHCM takes your privacy seriously. The JOHCM Privacy Statement found on our website contains further information on what personal data JOHCM collects, what it does with that information, and what rights you have. If you have any questions or comments, please contact EUKA-dataprotection@perpetual.com.
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Inflation Slowed in July. How Will the Fed Respond?
While small-cap stocks were hard hit during the first half of 2022, August’s earnings season revealed a bounce back for the asset class. What does this mean for Trillium’s ESG Small/Mid Cap Core Portfolio?
Dear U.S. Environmental Protection Agency Administrator and Members of Congress,
July’s inflation report provided some much-needed relief for consumers and policymakers, but does it indicate that inflation has peaked and that a Fed pivot on interest rates will follow?
July’s Consumer Price Index (CPI) and Producer Price Index (PPI) reports were a welcome change in direction. July’s CPI was unchanged on a seasonally adjusted basis after rising 1.3% in June, and the PPI declined 0.5% following a 1.0% increase in June. Core CPI remained elevated—still well above the Fed’s 2% inflation target.
While inflation softened more than expected, it is still abnormally high. Declining energy prices offset increases in food, housing and rent. Home prices have hit new highs while available inventory is below historic levels. Rent, which comprises a large percentage of overall inflation, continues to soar. The labor market also remains strong despite other economic weaknesses. The unemployment rate has returned to pre-pandemic levels and wage growth ticked higher than expected according to last week’s report.
How will the Fed interpret and respond to this data? Based on our current work, we believe inflation could be high for some time and that the Fed will continue to see cause for concern. In short, no pivot in sight on rate hikes in the foreseeable future.
July’s inflation report provided some much-needed relief for consumers and policymakers, but does it indicate that inflation has peaked and that a Fed pivot on interest rates will follow?
July’s Consumer Price Index (CPI) and Producer Price Index (PPI) reports were a welcome change in direction. July’s CPI was unchanged on a seasonally adjusted basis after rising 1.3% in June, and the PPI declined 0.5% following a 1.0% increase in June. Core CPI remained elevated—still well above the Fed’s 2% inflation target.
While inflation softened more than expected, it is still abnormally high. Declining energy prices offset increases in food, housing and rent. Home prices have hit new highs while available inventory is below historic levels. Rent, which comprises a large percentage of overall inflation, continues to soar. The labor market also remains strong despite other economic weaknesses. The unemployment rate has returned to pre-pandemic levels and wage growth ticked higher than expected according to last week’s report.
How will the Fed interpret and respond to this data? Based on our current work, we believe inflation could be high for some time and that the Fed will continue to see cause for concern. In short, no pivot in sight on rate hikes in the foreseeable future.
July’s inflation report provided some much-needed relief for consumers and policymakers, but does it indicate that inflation has peaked and that a Fed pivot on interest rates will follow?
July’s Consumer Price Index (CPI) and Producer Price Index (PPI) reports were a welcome change in direction. July’s CPI was unchanged on a seasonally adjusted basis after rising 1.3% in June, and the PPI declined 0.5% following a 1.0% increase in June. Core CPI remained elevated—still well above the Fed’s 2% inflation target.
While inflation softened more than expected, it is still abnormally high. Declining energy prices offset increases in food, housing and rent. Home prices have hit new highs while available inventory is below historic levels. Rent, which comprises a large percentage of overall inflation, continues to soar. The labor market also remains strong despite other economic weaknesses. The unemployment rate has returned to pre-pandemic levels and wage growth ticked higher than expected according to last week’s report.
How will the Fed interpret and respond to this data? Based on our current work, we believe inflation could be high for some time and that the Fed will continue to see cause for concern. In short, no pivot in sight on rate hikes in the foreseeable future.
No genuine effort to slow or combat climate change can ignore Energy and Power. Trillium seeks to find the companies best-positioned to lead―and benefit from―the ongoing energy transition. Learn more about our approach to investing in Energy and Power.
Advocacy Impact Report - Second Half 2021
Trillium considers it fundamental to our mission and our fiduciary responsibility to engage with the companies that we hold in our portfolios to press for positive change that we believe will help improve ESG policies, performance, or impact. Learn more about our recent engagement activities.
