Wealth Management
MANAGING CLIENT PORTFOLIOS
At Lockhart Capital Management we believe that investment portfolios should be managed on an evidence-based approach appropriate for the prevailing market conditions. During the 1990’s this approach would have allowed you to benefit from the burgeoning theory of Behavioural Finance, and from the Millennium onwards to benefit from the use of Risk Targeted Investing.
When looking to select a Wealth Manager, a client should consider appointing one that has experience in managing capital through both positive and negative business cycles. A manager who can navigate safely through turbulent waters is every bit as essential as those who thrive during the boom times. Markets have been increasingly unsettled over the past two decades and you should look to employ a team that has successfully managed portfolios through the 1997/98 Asian Currency Crisis, the Technology boom and bust of 1999/2000, 9/11 and the subsequent financial fallout, and most notably the global Financial Crisis of 2008/9 and more recently the COVID 19 pandemic.
Our Private Investment Office has this experience and exists to manage the portfolios of our clients and ensure that their financial planning goals and aspirations can be achieved.
THE TEAM
Before co-founding Lockhart Capital Management, Andrew Wilson our Chief Investment Officer led and managed a hugely successful discretionary investment service for a large national wealth management firm. Upon his departure he and his team were responsible for the day-to-day management and oversight of some £6bn of client assets. Andrew, who has been managing funds for over 20 years has also built award-winning analyst and support teams, members of which will be working alongside him again at Lockhart Capital Management. Andrew is a Chartered Alternative Investment Analyst and regularly appears at conferences and in the media.
Wee-Tsen Lee is Head of Fund Research, and is a highly regarded analyst, following previous spells at Barclays Wealth and Santander. He is a Chartered Financial Analyst and will source ideas and best in class managers from across asset classes.
Robert Seachoy is the Portfolio Manager and a Chartered Financial Analyst. He has specialised within Investment Operations, Portfolio Construction & Risk and more recently, in fund analysis. Robert has also worked closely with Andrew for a number of years and now brings his analytical and process-driven approach to portfolio construction.
THE FINANCIAL MARKETS
Given the robust valuations of many financial assets, the low level of interest rates and inflation, and the central banks somewhat “maxed out” positions, future investment returns for traditional investors and processes may well prove to be below par in real terms.
It is possible that some of the tailwinds which have assisted asset prices for the last 35 years will dissipate or potentially even become headwinds. Investors will have to work considerably harder in the future to preserve and grow their wealth post inflation, taxes and currency fluctuations. An investment process built today needs to be forward-looking and acknowledge this likelihood.
Modern markets are seemingly ever more liable to trends, be it up, down or sideways given the dominance of valuation-insensitive algorithmic traders. Furthermore, the marginal investor is now mainly a passively-invested one. To this end, one has to accept that upside volatility, or the exposure to market risk, is not necessarily bad and that it may have to be embraced if sufficient future investment returns are to be captured.
PHILOSOPHY & PROCESS
Our investment process acknowledges that financial markets are complex, adaptive systems which are driven by earnings and liquidity in the long term and by sentiment in the shorter term.
PHILOSOPHY & PROCESS
Our investment process acknowledges that financial markets are complex, adaptive systems which are driven by earnings and liquidity in the long term and by sentiment in the shorter term.
Our Private Investment Office will employ a five signal process, which will embrace the momentum in financial markets, as well as the role of investor psychology. It doesn’t claim to predict the future, rather that we have confidence in the average outcome in specific conditions. This process crucially does manage risk effectively.
We invest across multiple asset classes and currencies and seek to have exposure to the best institutional fund managers available. We also employ both active and passive investment management techniques.
Warren Buffett suggests that the most important skill in finance is ‘temperament’ and a process based on extreme objectivity increases the possibility of meeting that requirement. We also firmly believe that it is a necessity not to make today’s good portfolio the enemy of tomorrow’s perfect portfolio.
A good portfolio can often perform in a wider variety of circumstances than a scenario-dependent portfolio, which carries greater risk and requires higher levels of turnover and cost. A process should be clear, robust and repeatable. It should make intuitive sense and, most importantly, for any process you should be able to stick with it. Finally, it should of course work in practice and reality.
RT @TelegraphInvest: Neil Woodford and his business partner paid themselves a £1.5m dividend in the two months before his investment fund w…
A former JPMorgan trader who’s suing the bank for unfair dismissal says his colleagues walked out of its London off… https://t.co/jq73J4UHmt
RT @RidgeOnSunday: 'We are very sorry for the last four years when the president didn't care about science.' @JohnKerry tells @SophyRidgeS…
RT @RidgeOnSunday: First Minister of Scotland @NicolaSturgeon criticises the government's #COVID19 traffic light system for international t…
RT @RidgeOnSunday: Scotland has more drug deaths per capita than any European country. How is that acceptable? @NicolaSturgeon: "It's not.…
France moves to ban short-haul fights when there’s an alternative by train that takes under 2 1/2 hours https://t.co/XOz0anzgzx
RT @HarryYorke1: Liam Byrne, Labour's mayoral candidate for West Mids, breaks the usual convention of managing expectations in upcoming ele…
If vaccines and raw material do not arrive where and when needed, production will fall grievously short of estimates https://t.co/IY65ilJOjU
The viral video of the parish-council meeting seemed to show a very old idea of Englishness being squeezed, with im… https://t.co/cr4E4j8cEK
Streetwise: A massively popular clean-energy index is a prime candidate for distorting its corner of the market. Bu… https://t.co/wexoNhf2lc
“Mandatory calorie counts will force the pub and hospitality industry to take on yet more bureaucracy and expense..… https://t.co/WsMmxEp9ZB
Concerns in Australia about Covid-19 spreading in quarantine are mounting as three new cases among a family were di… https://t.co/00EX4IFKzk
Benchmark stock indexes in Saudi Arabia and the UAE were among the biggest gainers in the Gulf https://t.co/aoZi3BTYz1
RT @olivershah: Today's @dsmitheconomics column: "It is important to recognise that there are minuses in the return to business as usual.…
Corporate commitments to "diversity and inclusion" are not enough, argues Sherrilyn Ifill in The Economist. How can… https://t.co/SSUku8NBYG