Investment Outlook 2015

We think 2015 will be a year of continued gradual mending of the world economy. Though equity markets have fallen back in the autumn, the underlying economic fundamentals of the many economies look solid. However, consensus expectations on interest rate rises and inflation increases have been pushed out yet again amidst a weaker Eurozone and China, low inflation and political turmoil in the Middle East.

The dramatic fall in oil and commodity prices have destabilised selected economies and industries, however, we at Adam have the advantage of being able to take a long view and hope to separate short term ‘noise’ from sound investment decisions. In this document we focus on the healthcare sector, commercial property and smaller companies. We also review the year in equities and fixed income, and bring to your attention recent changes in pensions legislation.

We trust you will enjoy the publication and, as ever, please feel free to contact us should you wish to discuss the points covered in the Investment Outlook 2015 further.

To view the full report, please see below. Alternatively, please contact us directly if you would prefer a hard copy by emailing 


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Issued by Adam & Company Investment Management Limited, which is authorised and regulated by the Financial Conduct Authority. Adam & Company Investment Management Limited is registered in Scotland Number 102144. Financial Services Firm Reference Number 141831. Registered Office: 25 St Andrew Square, Edinburgh EH2 1AF.

The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. Past performance should not be taken as a guide to future performance. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment, and the income from it, to go up or down.

The information in this document is not intended as an offer or solicitation to buy or sell securities or any other investment or banking product, nor does it constitute a personal recommendation. The information is believed to be correct but cannot be guaranteed. Any opinion or forecast constitutes our judgement as at the date of issue and is subject to change without notice. Any Adam & Company Investment Management Limited company, or a connected company, its clients and officers may have a position or engage in transactions in any of the securities mentioned.

The analysis contained in this document has been procured, and may have been acted upon, by Adam & Company Investment Management Limited and connected companies for their own purposes, and the results are being made available to you on this understanding. To the extent permitted by law and without being inconsistent with any applicable regulation, neither Adam & Company Investment Management Limited nor any connected company accepts responsibility for any direct or indirect or consequential loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon such analysis.

Not all products and services offered by the individual Adam companies are available in all jurisdictions, and some products and services may be available only through particular Adam companies.

None of the overseas Adam companies or offices is an Authorised Person subject to the rules and regulations made under the Financial Services and Markets Act 2000 for the protection of investors and depositors, and compensation under the Financial Services Compensation Scheme will not be available in respect of business transacted with them.


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