By Emma Wall, Head of Investment Analysis and Research, Hargreaves Lansdown:
“HL client Investor Confidence survey for February shows the index has stayed the same overall but shows variation in geographical sectors. Confidence has risen in the European, Japanese, and North American sectors but has fallen in the Asia Pacific sector and stayed the same for Emerging Markets and the UK. Momentum and rallying markets are clearly moving client views.
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In a bid to bolster economic ties between the United Kingdom and Bangladesh, Prime Minister Sheikh Hasina has made a groundbreaking offer to British investors, inviting them to establish a special economic zone in Bangladesh. This move underscores the pivotal role of foreign direct investment (FDI) in driving Bangladesh’s economic growth trajectory and aims to forge stronger bilateral relations between the two nations.
The proposition emerged during a meeting between Prime Minister Sheikh Hasina and a high-level British cross-party parliamentary delegation led by Virendra Sharma, MP, Vice Chair of the All Party Parliamentary Group (APPG) on Bangladesh and Chair of APPG on Indo-British. Held at the Ganabhaban residence, the meeting highlighted the strategic significance of FDI for Bangladesh’s development agenda.
During the discussions, Prime Minister Sheikh Hasina emphasized Bangladesh’s commitment to facilitating FDI, citing initiatives such as the establishment of 100 economic zones, high-tech parks, and incubation centers. She underscored Bangladesh’s geographical advantage as a gateway to lucrative markets in South East Asia and South Asia, positioning the country as an attractive investment destination. Furthermore, she outlined ongoing efforts to streamline investment procedures to enhance the ease of doing business for foreign investors.
The British parliamentary delegation, comprising prominent figures from the UK’s political landscape, expressed unwavering support for Bangladesh’s socioeconomic progress and pledged to collaborate closely with the Bangladeshi government to advance its development agenda. Their visit to Dhaka, scheduled to conclude on January 31, is expected to facilitate fruitful discussions and lay the groundwork for future cooperation.
Key stakeholders present at the meeting included Salman Fazlur Rahman, the Prime Minister’s Private Industry and Investment Adviser, M Ziauddin, Ambassador-at-Large, and M Salauddin, Prime Minister’s Office Secretary. Subsequent to the meeting, M Nazrul Islam, Prime Minister Sheikh Hasina’s speechwriter, provided further insights into the deliberations during a press briefing.
In essence, Prime Minister Sheikh Hasina’s invitation to British investors represents a significant milestone in fortifying economic collaboration between the UK and Bangladesh. It reflects Bangladesh’s proactive approach towards attracting international investments and expanding its economic horizons, laying the groundwork for mutually beneficial partnerships in the years to come.
Pension investors have started the year on an optimistic note – buying into tech funds and growth-biased global equity options. Highly rated Rathbone Global Opportunities, which features on the Wealth Shortlist, features in the top 10 buys, alongside tech-heavy Blue Whale Growth and Liontrust Global Technology funds. As well as global growth and global income funds, India – which has delivered strong performance over the past 12 months, also proves popular, with Jupiter India, another Wealth Shortlist constituent, the most bought fund across both SIPP and SIPP drawdown clients in January.
Also in the top 10 were two money market funds, as yields remain high, the interest rate proved enticing. Investors should remember that cash has limited long term strategic asset allocation benefits, particularly if you are still in the accumulation stage of your life. Plump instead for a bond fund, where you can benefit from high yields now, and growth later, or an equity income fund – such as Artemis Income or Fidelity Global Dividend in the top buys last month – which offer the potential for income, growth and income growth, if done right.
The trades in part are reflective of the mixed start to 2024 for markets; though both the Federal Reserve and the Bank of England have voted to hold rates in recent weeks, kicking out expectations of a rate rise further into 2024, US stocks managed modest gains in the first month of the year, and economic data was broadly positive. Both jobs and new home sales data was positive from across the Pond. Closer to home the FTSE 100 posted losses in the first month of the year – which is reflected in the lack of UK funds in the top buys. Inflation also lingered. But rather than shun the domestic market, contrarian investors should consider this a great opportunity to buy at depressed prices.
| Top Funds in HL SIPPs, January 2024 (net buys) |
| Jupiter India |
| Fidelity Global Dividend |
| Royal London Short Term Money Market |
| Artemis Income |
| Artemis Corporate Bond |
| Fidelity Cash |
| Liontrust Global Technology |
| Rathbone Global Opportunities |
| WS Blue Whale Growth |
| Jupiter Asian Income |
| Top Funds in HL SIPP drawdown, January 2024 (net buys) |
| Jupiter India |
| Fidelity Global Dividend |
| Royal London Short Term Money Market |
| Artemis Income |
| Artemis Corporate Bond |
| WS Blue Whale Growth |
| Fidelity Cash |
| Liontrust Global Technology |
| Rathbone Global Opportunities |
| Artemis High Income |
