Company
The Pilgrim group of companies specialises in wealth management. Key business areas include: CIS-based equity oriented investment through the Pilgrim Russia Investment Fund (previously Pilgrim Overseas Investment Fund) long-short equity fund, Russia-based development projects and Pacific Region equity market investment.
All Pilgrim investments are duly licensed for services provided. To subscribe to Pilgrim’s market commentary, send an email to
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Business Principles
- Our clients’ interests come first. We base our success on the quality of the service we provide to our clients.
- Our people are our strength. We employ well qualified and committed staff who provide the best service possible.
- Our business is based on integrity, honesty and creativity. We maintain high ethical standard in everything we do.
Our Clients
Our clients are our partners. Trust and dialogue are the key elements of that partnership.
Regular contact and communication allow us to fully understand their requirements and to successfully respond to their needs. We fully appreciate the unique objectives each one of our clients might have and, consequently, we focus on providing a dedicated professional and tailored service.
We place great emphasis on maintaining complete confidentiality of our clients and their business with us.
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For the past month, the investment question that has occupied most of my time has
been whether we should be positioning for rising or falling prices. Recent investor
meetings, both in Russia and in Western Europe showed that this question was at the
top of client concerns and – considering the market dynamic – this is not surprising.
Developed world price indicators charged toward zero over 1H09, and yet as they did
so the market moved in a reflationary manner.
Five year breakeven inflation indicators (see Chart 1) leapt from near zero to trade in
the 1-2% range, and famous investors like Hugh Hendry haemorrhaged money betting
– ironically accurately – that prices would fall. It all matters, because history teaches
that elevated inflation uncertainty (which could be broadly defined as inflation either
above 5% or below -1%) is highly negative for corporate performance. Whether you
are investing for the long- or the short-term, you need a clear view on inflation to
position with confidence.
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Although the first quarter was challenging for both Russian and global equities, the first
half of the year has proven very constructive for commodities investment. Russian
clients will certainly be aware that the outlook for commodities is key to the future of
their market. In this Comment, we compare recent market movements this year with
last.
Back in April, I distributed research taking a long view on commodities, based on the
outlook that stimulus plans from Russia to China to the US were all targeting
infrastructure spending. Clearly I was not alone in thinking this. The outcome was a
rapid rise in commodities prices, reminiscent of 1H08. Chart 1 shows a stunning
correlation between oil price movement this year and last.
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