Seneca Global Income & Growth Trust’s (SIGT’s) manager, Seneca Investment Managers (Seneca IM), has continued to reduce the trust’s equity weighting, in advance of a global recession it expects in late 2020/ early 2021. Consistent with its view, the yield curve has all but inverted (as at 22 March, the gap between threemonth and 10-year US treasuries was just 3bp) and the manager says that in the past, on average, an economic recession has commenced 311 days later.
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Holding steady as cycle turns
- Published:
24 Apr 2019 -
Author:
Ed Marten -
Pages:
12
Seneca Global Income & Growth Trust’s (SIGT’s) manager, Seneca Investment Managers (Seneca IM), has continued to reduce the trust’s equity weighting, in advance of a global recession it expects in late 2020/ early 2021. Consistent with its view, the yield curve has all but inverted (as at 22 March, the gap between threemonth and 10-year US treasuries was just 3bp) and the manager says that in the past, on average, an economic recession has commenced 311 days later.