Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish Equitable in 1991 as a fund manager, where he had responsibility for the Nordic and Swiss equity markets. In 1993, Russ joined SG Warburg, now part of UBS investment bank, and worked there as an equity analyst covering the technology sectors for 12 years. He has also worked on IPOs and M&A deals. Russ was voted best analyst in the semiconductor sector in 2001 by Institutional Investor and reached the level of Managing Director in 2003 when he became head of UBS' global semiconductor research effort.
A member of the Chartered Institute for Securities and Investment (MSCI), Russ is responsible for providing written and video content for customers and clients. He also helps to build the company’s profile in print and broadcast media as part of AJ Bell's wider PR and brand team, working alongside the Investment Committee.
Russ joined Shares Magazine as technology correspondent in 2005 and took on the post of Editor in 2008. He was appointed as AJ Bell's Investment Director in 2013 following the company's acquisition of Shares' parent company, MSM Media. Russ regularly creates content across the AJ Bell website, including the Daily Market Update and Chart of the Week, and he hosts his own 'Breaking the Mould' weekly video series.
Outside of work, Russ is a qualified cricket coach, Italian speaker and avid fan of Doctor Who and NFL.
19 January 2017
Five ways to judge whether bouncy markets are becoming (too) bubblyAs the FTSE 100 stands near record highs following a stunning run of 14 consecutive gains which spanned the festive and New Year period all investors will be asking themselves is whether the UK’s leading index is becoming overcooked. In fact, with stock market indices from Korea to Kuwait, Singapore to Switzerland and Egypt to Europe’s Stoxx 50 all...
12 January 2017
Do brokers pick the winners?When it comes to stock picking there are many different styles and ways of selecting the individual shares which investors feel best suit their overall strategy, target returns, time horizon and appetite for risk (assuming they feel confident enough to do this in the first place, rather than leave the job to a fund manager).
Momentum is one, where...
9 January 2017
Can the FTSE 100 extend its winning streak?The FTSE 100 has recorded nine consecutive closing highs and the natural question for investors is whether this progress can be maintained. Here Russ Mould, AJ Bell's Investment Director looks at:
The four sectors that are likely to define the FTSE 100 progress during 2017 What exposure top performing funds have to these sectorsTo judge whether...
5 January 2017
How to make sure the FTSE 100 is on the right trackAfter ending 2016 on a hot streak, with three consecutive closing record highs, the FTSE 100 continues to barrel higher, with the 7,200 mark now firmly in its sights.
FTSE 100 set a run of new all-time record highs at the turn of the year
Source: Thomson Reuters Datastream
This naturally begs the question of whether this momentum can be...
21 December 2016
Five themes that look set to shape portfolio returns in 2017After last week’s attempts to learn key lessons from 2016, this column will now turn its attention to the year ahead. In the (unfortunate) absence of a crystal ball, no promises or guarantees can be offered, but below are five themes which investors will need to think about when it comes to portfolio strategy in 2017 and beyond.
They are:
The...
21 December 2016
World investment outlook 2017: The rest of the worldThe world investment outlook is written by Russ Mould, AJ Bell Investment Director and contains a wealth of information on the world financial markets and events to help with your investment strategies in 2017.
Here he considers the outlook for the rest of the world.
The three key issues for 2017 The dollar and whether any sustained strength in the...
19 December 2016
World investment outlook 2017: EuropeThe world investment outlook is written by Russ Mould, AJ Bell Investment Director and contains a wealth of information on the world financial markets and events to help with your investment strategies in 2017.
Here he considers the outlook for Europe.
The European Central Bank continues to come up with creative monetary solutions designed to...
15 December 2016
Five themes from 2016 that could influence 2017There can be no denying 2016 was an eventful year. Thankfully, in marked contrast to 2015, the past year has generally managed to leave investors with holdings in mainstream stocks or bonds, or mainstream stock and bond funds, better off at the end of it than they were at the start, especially if they had capital parked in overseas markets.
The...
7 December 2016
World investment outlook 2017: JapanThe world investment outlook is written by Russ Mould, AJ Bell Investment Director and contains a wealth of information on the world financial markets and events to help with your investment strategies in 2017.
Here he considers the outlook for Japan.
Japan is where no Western investor or central banker wants to go, at least in terms of its 25...
1 December 2016
Why the banks matter for the markets in 2017The health of UK banks is important to any investor with exposure to the UK equity market. The big five quoted names – Barclays, HSBC, Lloyds, Royal Bank of Scotland and Standard Chartered – represent around 15% of aggregate FTSE 100 pre-tax profit and dividend payments, according to analysts’ consensus forecasts for 2017, with HSBC and Lloyds both...
30 November 2016
World investment outlook 2017: USAThe world investment outlook is written by Russ Mould, AJ Bell Investment Director and contains a wealth of information on the world financial markets and events to help with your investment strategies in 2017.
Here he considers the outlook for the USA.
The identity of the new President is known and as they welcome Donald Trump’s tax cutting and...
29 November 2016
World investment outlook 2017: UKThe World Investment Outlook is written by Russ Mould, AJ Bell Investment Director and contains a wealth of information on the world financial markets and events to help with your investment strategies in 2017.
Here he considers the outlook for the UK.
The UK is now in a post-referendum, pre-Brexit state of grace where initial panic is giving way...
24 November 2016
How to survive the bond market blitzWhile equities, commodities and the dollar are all responding favourably to the prospect of a Trump Presidency, and its tax-cutting, regulation-reducing and infrastructure-spending agenda, one asset class is proving much less enthusiastic.
That is fixed income, as bond yields have risen and prices fallen, amid expectations that GDP growth is going...
16 November 2016
Welcome to a brave new world (or not, as the case may be)It is tempting to give the blame (or the credit) to The Donald, but the market shift in sentiment away from deflation towards inflation, away from bonds and toward equities and away from ‘expensive’ defensives and yield plays toward cyclical and recovery stories can be traced back to a different ballot – 24 June and the EU referendum result in the...
27 October 2016
A market signal that can be taken on trustThe first ever investment trust was founded in 1868 and Foreign & Colonial has traded through to this day, with sufficient success to establish itself as a member of the FTSE 250.
Their long history and also the method in which they trade mean these pooled investment companies can be useful ways of both judging the market, and accessing it. They...
20 October 2016
A four-step method to check markets’ healthThe FTSE 100’s dash to a new intra-day all time high of 7,130 in early October may remain a source of bafflement to many investors, given the prevailing uncertainties in the UK across a range of issues, including monetary policy, the wider economy and Brexit.
Yet the UK market’s ability to climb a wall of worry is quite typical behaviour and it...
14 October 2016
Sterling’s slide to help decide the winners and losers Unilever’s clash with Tesco over the price of Marmite, ice-cream and other household products brings the issue of the pound’s decline and its possible impact into stark relief but the markets were already on a state of high alert.
Both the supermarket spat and early October’s split-second plummet in the pound to $1.18, its lowest level against...
11 October 2016
What now for Lloyds as retail share offer withdrawnIn early October, while on a trip to the USA, Chancellor of the Exchequer Philip Hammond announced that the Government would again try to sell its final 9% stake in the Lloyds Banking Group. This immediately drove the shares down 4% and left private investors with a dilemma, as Hammond made it clear they would not be given chance to participate in...
6 October 2016
Is the oil rally for real?A series of drops in US oil inventories and the announcement that OPEC’s late-September Algerian summit could lead to production cuts are boosting the oil price, which is back above $50 a barrel.
This is good news for any investors with oil exposure in their portfolio, either directly or indirectly, and may even benefit the whole UK equity market.
...
30 September 2016
Why Brexit is bringing unexpected benefits to UK equities (at least for now)Taken in aggregate, profit and dividend forecasts can give a feel for whether one equity market looks cheap or expensive relative to another, or relative to its own history. In addition, momentum in aggregate earnings dividend forecasts can help to shape sentiment toward a particular market, at least in the short term – in its crudest form, rising...
15 September 2016
What to do with your ARM windfallThe £24.3 billion, cash only acquisition of UK microchip designer ARM by Japan's Softbank was officially sealed on 5th September, removing a high quality technology company from the UK stock market.
If you were one of the lucky investors who have put money into this British technology success story via your pension or ISAs you are likely to have...
15 September 2016
Why the latest bond market wobble mattersA sell-off in global stocks on Friday 9 September – the most violent move in either direction for a good couple of months – was swiftly put down to a sell-off in global bonds. That fixed-income frenzy was in turn attributed to hawkish comments from a pair of US Federal Reserve officials, Eric Rosengren of Boston and Federal Reserve Board member...
14 September 2016
What to look for in the final furlongs of 2016Any investors who followed the old market maxim “Sell In May” will be cursing, as equity, bond and commodity markets generally look and feel bouncy after a summer of gains.
Anyone with money in property funds may grimace a little, although Legal & General UK Property Fund is now removing its downward “fair value” adjustment to its portfolio, amid...
26 August 2016
Why commodities are trying to forge a comeback in 2016One intriguing trend of note this year is the recovery in the Bloomberg Commodities index, a basket of 22 raw materials, encompassing energy, industrial metals, precious metals, and agricultural commodities, ranging from grains to crops to livestock:
The Bloomberg Commodities index has rallied sharplySource: Thomson Reuters Datastream NOTE: Past...
18 August 2016
Two ways to generate cash returns from equitiesWhile the Bank of England’s three-pronged monetary package launched on 4 August has been welcomed by equity and bond markets (not to mention many commentators and economists), the combination of an interest rate cut, more Quantitative Easing (QE) to lower corporate and Government bond yields and a new funding scheme for banks does not mean all is...
10 August 2016
How to prepare for the success (or failure) of rate cuts and more QEStock and bond markets are welcoming the Bank of England’s three-pronged monetary package, launched last week (4 August) in response to (as yet unfounded) fears the UK may suffer an economic slowdown, or even a recession.
Bond prices are rising (and yields falling) as the cut to interest rates on cash leaves investors looking for alternative...
8 August 2016
What the Bank of England’s new policy package means for investors’ portfoliosThe Bank of England has cut interest rates for the first time in seven years, jacked up its Quantitative Easing programme to £435 billion, flagged a further rate cut is to come and also introduced a new lending mechanism for banks, to try and ensure that the full benefits of this cheap money are passed right through to corporates and consumers.
Giv...
28 July 2016
Five ways to make sure bouncy markets are not becoming bubblyThe old strategy of “Sell in May” has proved a failure thus far in 2016, as stock and bond markets have both continued to make progress, and record-breaking progress at that in some cases, with America’s S&P 500 equity index reaching new all-time highs and bond yields around the world setting new lows.
Gold and silver have advanced to two-year...
25 July 2016
How elections and interest rates could influence the US marketsIt took the best part of 14 months but America’s S&P 500 benchmark equity index finally set a new all-time high this month while US government bonds, or Treasuries, also continue to perform strongly.
That both asset classes are doing so well at the same time may not sit easily with all investors, especially those who are used to seeing them do well...
15 July 2016
How to check the foundations of commercial property fundsIn the past fortnight or so, a number of open-ended commercial property funds available on the AJ Bell Youinvest platform have suspended trading, instituted fair pricing, or significantly varied the terms of trading, to the understandable consternation of investors.
This is in response to widespread redemptions, as some investors have attempted to...
8 July 2016
Time to take a long-term look at stock marketsWhen questioned about the implications of the volatility witnessed in stocks, bonds, commodities, currencies and even property over the past two weeks, this column continues to rely on a quote from Benjamin Graham, the legendary US investor and mentor to Warren Buffett: “In the short run, markets are a voting machine but in the long run it is a...
29 June 2016
The four key portfolio issues to address as the UK prepares to “Leave”The British electorate has spoken and the UK has decided to “Leave” the European Union. The Prime Minister is going, the Leader of the Opposition is under the cosh from his own party and the fate of the Chancellor of the Exchequer is uncertain. Meanwhile, there is no clarity on when (or even whether) the UK will invoke Article 50 of the Treaty of...
24 June 2016
Key stock and sector trends to watch as Britain votes to “Leave”The British electorate has spoken and the UK has decided to “Leave” the European Union. Whether this leads to Prime Minister David Cameron immediately invoking Article 50 of the Treaty of Lisbon, which is the formal mechanism for any nation wishing to withdraw, is still unclear – not least as the PM has made it clear he is to step down in the...
23 June 2016
How NIRP is driving investors to take the corporate shillingOne of the biggest conundrums facing investors today comes in the form of the Government bond market. In theory a source of steady coupons in return for taking limited risk, this arena is now home to negative yields – which guarantee the holder a loss over the lifetime of the bond if it is held from issue to redemption. And yet the world has never...
17 June 2016
How to invest ethicallyIn the end, most investors put capital at risk because they want a return that satisfies their personal needs and requirements. Some may do so because they want to make a difference and do good. Many more will be keen that their investments do no harm thus avoid making a difference in a negative way.
This raises three key questions:
How can...
9 June 2016
Biotechnology looks to bounce backStock markets are like elephants. They have long memories. No sooner had Sir Philip Green found himself in a spot of bother over BHS, and having to defend his stewardship of the failed high street chain, then a few older heads mentioned Amber Day, his one and only stint as the boss of a public firm, where he departed amid much acrimony in 1992...
3 June 2016
How investors can roll out the barrel
Production disruption in Canada, Venezuela, Nigeria, Libya and Iraq, coupled with relatively steady demand, is helping drag oil back toward the $50-a-barrel.
Brent crude and West Texas Intermediate oil are both back at nearly $50 a barrel
Source: Thomson Reuters Datastream
Investment cuts, falling drilling activity and a long-awaited decline...
26 May 2016
Federal Reserve spins the rate rise wheel once moreNo sooner have the markets decided there will be no interest rate hike from the US Federal Reserve this year (or the Bank of England, for that matter) after a very dovish commentary from chairwoman Janet Yellen than a gaggle of officials from the US central bank pop up and say that the next increase in American headline borrowing costs could come...
26 May 2016
What will Brexit mean for your portfolio?Almost three quarters (72%) of AJ Bell Youinvest customers who completed our recent online ‘Brexit’ survey are concerned about the impact the result of the EU referendum might have on their investments.
A greater proportion of investors (39%) are more concerned about the impact a Brexit might have on their portfolio than those who are concerned...
20 May 2016
How Buffett and Apple get to the core of technology investingA difficult year for the technology giant Apple is taking an interesting turn with the news that legendary “value” investor Warren Buffett has bought a stake worth just over $920 million, at the prevailing price of $93.88.
Apple’s shares have received a welcome boost after the Buffett swoopSource: Thomson Reuters DatastreamNOTE: Past performance...
12 May 2016
FTSE 100 is still battling the (long-term, low-growth) bearThe FTSE 100’s brief flirtation with a bear market back in February may seem like a long time ago, as the index stands some 15% above its later winter low, but the UK’s leading benchmark is nevertheless making pretty heavy weather of getting anywhere near the intra-day all-time high of 7,123 set in April 2015.
Now therefore seems a good time to...
9 May 2016
High-yield is rallying but keep an eye on the credit cycle
In the past month several Governments have dangled a carrot or two in front of income-hunters, in the knowledge they have debts to fund while investors are still on the look-out for reliable coupons:
Belgium issued €100 million of 100-year bonds with a coupon of 2.3% Ireland issued €100 million of 100-year bonds with a coupon of 2.35% The UK...
28 April 2016
How to tell whether rough winds will shake the market’s darling buds of MayThe saying “Sell in May, go away and come back again on St. Leger day” is one of the oldest of all market rules of thumb and after a tricky start to the year it is one which may attract more attention than normal as 1 May approaches.
This column has taken the plunge and burrowed through performance data for the FTSE All-Share stretching back to...
22 April 2016
Follow the trade flows to get to the big pictureChinese export figures for March, published earlier this month, appear to be giving global stock markets a lift, as they soothe one of the three key fears which helped to derail share prices earlier this year.
“Risk” assets took a drumming as markets took fright about:
A hard landing in China Falling oil prices Rising US interest ratesThey have...
14 April 2016
Why events Stateside could determine the upside in your portfolioBy the end of Friday 15 April, 15 members of America’s elite S&P 500 index will have reported first quarter numbers. Within the next fortnight, 300 more will divulge how well (or badly) they did between January and March and also potentially how they see the rest of the year panning out.
Throw in the latest US Federal Reserve meeting on 26-27 April...
8 April 2016
Enhanced income funds explainedThese are tough times to be an income investor. Interest rates anchored at an historic 0.5% low for the past seven years and dividend stalwarts such as Barclays, Glencore and Rolls-Royce cutting their shareholder returns in recent months have hit many who invest to supplement their income or pay their bills in retirement.
There are, however...
31 March 2016
How dividend growth can help to boost total returnsMost investors tend to think of income investing as a matter of finding the fattest yield and harvesting the dividends. But our research shows that it is consistent dividend growth that really matters when it comes to generating the best total returns from a portfolio of shares, at least if history is any guide.
Since its inception in 1962, the...
23 March 2016
Transport stocks help to drive the spring rallyFor the moment, it seems, transportation stocks are taking flight and at the same time sending the bears scurrying for cover. One of this column’s favourite market indicators – the Dow Jones Industrial Transportation index – is now up on the year as are two of America’s broader indices, Dow Jones Industrials, S&P 500, although the tech-laden NASDAQ...
18 March 2016
Chancellor opens alphabet soup of ISAs and sours on sugary drinksThe Treasury seemed to resemble a colander rather than a Government department in the run up to this year’s Budget, at least judging by the number of apparent leaks on the big decisions running up the opening of that famous red box, but Chancellor of the Exchequer George Osborne still came up with a few big surprises.
From a personal finance point...
18 March 2016
Emerging markets start to show signs of lifeRegular readers will be (perhaps painfully) aware for this column’s penchant for quoting the old market maxim: “You can have good news and cheap stocks, just not both at the same time.” It may be pertinent to look at a possible current example of this, in the form of emerging market equities, which are showing signs of life after three poor years.
...
