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Life After Lockdown www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50 LIFE AFTER LOCKDOWN A growing concern Are you switched on? A high stakes game Investing in trees could How artifi cial intelligence Peter Elston on why be the antidote to some of is transforming life as infl ation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82 001_WI_0721.indd 1 17/06/2021 10:42 ad template.indd 1 17/06/2021 12:02 First word 3 July 2021 On life and investing www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50 LIFE AFTER LOCKDOWN after the pandemic A growing concern Are you switched on? A high stakes game Investing in trees could How artificial intelligence Peter Elston on why be the antidote to some of is transforming life as inflation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82 elcome to the July issue As you will learn in this month’s Editorial of What Investment, which issue, some investment trust Editor-in-chief comes at a time when it managers believe there will be a Lawrence Gosling 020 7250 7027 W [email protected] looks like the economy is on the very strong recovery, particularly verge of opening up for the fi rst in areas like consumer spending, Subscriptions Lara Rossett 020 7250 7011 time since March of last year. housebuilding and specialist [email protected] How we view this situation industrial businesses; others don’t Advertising depends largely on what kind of Lawrence Gosling think things will be so simple. Sales manager experience the pandemic has been Editor-in-chief, One area we have not gone into Andrew Dodds 020 7250 7033 for us individually or as families, What Investment is the future of working in offi ces [email protected] but vaccination rollout around and what that might mean for Design and production the UK has at least given us some property investing. Last Word production team feeling of protection. The team working on What [email protected] Stock images by Getty What has been noticeable during Investment will carry on largely Marketing this time is how fund managers working from home following Head of marketing have grappled with the issues that government advice. I’d like to Agnes Mkpeti 0207 250 7059 have impacted on stock markets, thank many of you who have [email protected] economies or the fortune of contacted us over the past 16 Bonhill Group companies they are invested in. months and your patience as we Chief executive o cer Some tried to become amateur try and deal with any queries. Simon Stilwell 020 7250 7010 Group editorial director virologists and epidemiologists Despite the help technology Lawrence Gosling 020 7250 7027 to guess the trajectory of the provides, it is harder responding What Investment is published by virus and make investments to calls, emails and letters, but we Bonhill Group plc accordingly. The more seasoned have done our best. I hope most 29 Clerkenwell Road, or sensible decided they knew of the time we get it right but, as London EC1M 5RN. as little as the rest of us and I keep saying, if we don’t, please 0203 4058260 spent their time working out contact me personally. Average monthly circulation – how resilient individual One issue I have grappled January to December 2020: 7,240 companies would be. with in the past month or so is Advice to readers: Information carried in What Investment is checked for What threw some of them was the Morningstar performance accuracy but we recommend that you that the economic fallout has statistics, which are so important make enquiries and, if necessary, take been very diff erent from the to everyone. The June issue was legal advice before entering into any reference point of the global a ‘mess’, so please accept my transactions. ISSN 0263 953X fi nancial crisis of 2008/09. That apologies. We have put in place © Bonhill Group plc was largely a fi nancial matter, a new system which I hope will All rights reserved in respect of all whereas Covid-19 is a health issue mean this doesn’t happen again. articles, drawings, photographs, etc that has precipitated an economic Many of you have contacted published in What Investment anywhere in the world. Reproduction or imitations challenge. And for many sectors it me in recent weeks with some of these are expressly forbidden without has actually accelerated growth. areas you would like us to cover in permission of the publishers. Editorial Managers are now trying to future issues, including infl ation contributions requiring an answer fi gure out how strong the recovery and cryptocurrencies. The August should be accompanied by a stamped will be and what, if any, long- issue will focus on the issue of self-addressed envelope. Conditions of sale and supply: this periodical is sold lasting legacies there will be. infl ation and we will have a couple subject to the following conditions: of pieces explaining some of the namely that it shall not, without the prior issues around cryptocurrency. written consent of the publishers, be lent, I really appreciate the resold, hired out or otherwise disposed of in a mutilated condition or in any suggestions and please don’t unauthorised cover by way of trade. Fund managers are now trying to hesitate to send more in. Keep safe All advertising is subject to the terms ■ gure out how strong the recovery and enjoy the summer. of our current rate card. will be and what, if any, long-lasting Printed in the UK by Lawrence Gosling is editor-in-chief Stephens & George. legacies there will be of What Investment. News agency distribution by Select Publisher Services, PO Box 6337, Follow @whatinvestment Like What Investment Join What Investment Bournemouth BH1 9EH, 01202 586848 on Twitter on Facebook on LinkedIn 003_WI_0721.indd 3 17/06/2021 10:59 4 In this issue 26 Cover story 26 Life after lockdown What Investment’s Lawrence Gosling on priming your portfolio for what lies ahead 28 Investment trusts Guy Anderson of Mercantile is optimistic on the UK stock market; things are looking up for the Edinburgh Investment Trust 30 UK recovery The perfect investment antidote to lockdown fatigue 31 Inflation Should investors be concerned? 32 Where we are now Shamik Dhar and Paul Flood help us navigate the new economic landscape News & comment 11 Pensions 14 Property Kay Ingram explains how baby Clare Munro urges property 03 First word boomers can help Gen Xers avoid investors to act quickly if On life and investing falling foul of retirement gap they are to benefit from the Stamp Duty holiday 06 Pensions 12 Inheritence tax Can you put a figure on How single-premium investment 82 Inflation a happy retirement? bonds can help with IHT Central bankers have predicted that current high inflation 07 Product launches 13 Future planning is transitory. If they are wrong Stephanie Spicer introduces A 7-step guide to increasing your it could cast a long shadow, a spate of new releases chances of investment success warns Peter Elston 08 Savings Bestinvest’s Jason Hollands 08 wonders why savers are still ploughing money into cash ISAs 10 Inflation Cash provides a false sense Brian Tora on why inflation is of security if the real value neither the devil nor the deep blue is being eaten away sea – so long as it’s short term Jason Hollands, Bestinvest 004-005_WI_0721.indd 4 17/06/2021 14:00 What Investment | July 2021 5 Features 50 15 Talking about dementia Bernadette Mossman and Nick Rhodes get this important conversation started 16 Commodities A surge in metals and mining is empowering a commodities supercycle, reports Alan Green 18 Income investing Francois de Bruin on a dangerous love affair with income 20 Notes on a scandal An update on the case of Mr Grey, who lost £405,000 having invested in SVS Securities, the client book of which was taken over by ITI Capital Performance data 22 Funds Investment trust of the month; 54 Unit trusts and funds to watch; growth stocks; investment trusts and stock picks from the Morningstar data covering the ‘forgotten middle’ performances of all unit trusts over six months, one year, three 36 Investment trusts years and 10 years, showing the Balanced portfolio of quality value of your holdings and where global equities; a play on sectors 22 your fund ranks across others benefiting most from structural in the same sector changes in China; globally diversified portfolio of listed and 46 US 75 Exchange-traded private healthcare funds; fund of Richard de Lisle reflects on the funds (ETFs) mainly UK equities with a focus on first few months of US president Morningstar analysis of the high-calibre companies Joe Biden’s administration performance of a range of ETFs covering the main investment 48 Investment platforms markets around the world Should you subscribe to a platform or build your own? 80 Savings and taxes 2020/21 tax rates, mortgage 50 Artificial intelligence calculator and inflation data Early adoption of artificial intelligence within your portfolio 81 Cash savings/investment will benefit from an investment Moneyfacts analysis of the latest theme that’s transforming life savings, cash ISAs, NS&I account 46 as we know it and bond rates 004-005_WI_0721.indd 5 17/06/2021 13:26 6 News What Investment | July 2021 INVESTMENT TRUST Space trust prepares for lift-off Seraphim Space Investment Trust is a newly established closed-ended investment company that will invest in a diversifi ed international portfolio of early- and growth-stage space technology businesses.
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