All kinds of everything…

13 December, 2022

Rosemary Scallon, better known as Dana, was the winner of Eurovision in 1970 with “All kinds of Everything”. Hers was a first win for Ireland on the way to seven titles, one better than arch Eurovision rivals Sweden! While I suspect my UK audience are not huge Eurovision fans, given Ukraine’s victory this year and an unlucky, but very popular, UK runner up perhaps I can run with the theme. For me, 2022 has been a year of all kinds of everything. When you take a moment to recount the events it is just extraordinary which, in itself, is remarkable after the most extraordinary few years. Extraordinary has arguably lost its meaning.

Here are my 12 all kinds of everything…

1. Covid... the remaining legal Covid restrictions were lifted by the UK government on February 24th, these were in place since the move to Plan B was announced in December 2021. China’s Covid restrictions stretched through the year provoking demonstrations across major cities and university campuses. Holding up a blank white sheet of paper became the symbol of dissent.

2. War… there was little time to reflect on the ending of Covid rules in the UK as that very day Putin announced a “special military operation” in Ukraine with airstrikes hitting cities across the country. Peace did break out in June, but not in Ukraine. Canada and Denmark ended their long-running dispute over Hans Island known as the Whisky War. Hans Island is a 1.3 sqm rock in the arctic, between Canada and Greenland.

3. Weather… heatwaves struck the UK and while it wasn’t the hottest summer on record (ranking 7th in 364 years), we did experience the highest daily maximum temperature (hitting 39°C at Heathrow). Devastating floods hit Pakistan, with some climate models estimating that rainfall was 50% more intense due to climate change.

4. Politics… July wasn’t just hot at Heathrow Airport, political heat rose in Downing Street as the resignation of 57 ministers by the morning of the 7th forced Boris Johnson to resign. Unfortunately July was not peak political temperature.

5. Energy… August witnessed record energy prices. German baseload electricity forward prices, for delivery in 2023, jumped 120% having already risen 200% to the end of July. European gas prices jumped 325%. Combined with supply bottlenecks and labour shortages, inflation hit 10%. Many Central banks raced to tighten.

6. Death… September saw the death of Queen Elizabeth II, after 70 years on the throne. The funeral was said to be the most expensive single-day event in British history. Former prime minster of Japan, Shinzo Abe, was assassinated, and motivation for the killing was linked to the “Moonies”

7. Budgets… the sombre mood around the Queen’s passing, turned to utter bedlam at month end with the introduction of the mini budget. Market moves around UK government gilts broke innumerable records. The 50-year UK gilt experienced a 40% range in price movement on September 28th. Sterling touched 1.035 against the US dollar on the 26th, breaching the lows of 1985.[1] LDI had 15 minutes of infamy.

8. Politics again… October… peak political chaos… the fourth Chancellor in four months, the third Prime Minister in four months, the fourth Home Secretary in less than two months, with Suella Braverman reappointed to the post she was sacked from six days earlier. Charles III has now had two prime ministers during his reign and, under the Duckworth-Lewis-Stern method (DLS), is ahead of his mother (Liz Truss was her 15th prime minster). The DLS method is well known to Irish cricket fans as it resulted in an Ireland win over England, the subsequent winners of this year’s T20 World Cup. President Xi secured a third term, his total control emphasised with the dramatic removal of former president Hu Jintao from the closing session of the 20th Congress of the CCP.

9. Markets… Meta (Facebook) stock falls 74% for the year to November 3rd and marks a horrible time for the FAANG stocks (Netflix -55%, Amazon -46%, Apple -21%, Alphabet -42%). Pearson is the best performing stock in the FTSE 100 (+52%), Ocado the worst (-60%). Value outperforms growth, and the UK delivers positive returns against a sea of red for other equity markets.

10. Crypto… A guy who many may not have heard of (including the author), Sam Bankman-Fried (SBF), blew-up the cryptocurrency world filing for bankruptcy on November 11th. While in the process he also appears to have badly damaged a social movement called Effective Altruism (EA).

11. Sport… a world cup in Qatar… with big upsets, Japan beating Germany, Saudi Arabia beating Argentina, Morocco becoming the big giant killers, (beating Belgium Spain and Portugal). England did themselves proud with impressive performances, however, a penalty miss was once again part of the story.

12. And the rest… sprinkled through the year were other notable events. The diplomatic boycott of the Winter Olympics in China, Elon Musk’s purchase of Twitter for $44 billion and Lula da Silva, released from prison at the end of 2019, once again becomes president of Brazil. Widespread anti-regime protests in Iran. COP27 teeters on the edge of abandoning the 1.5° climate warming goal. A coup plot is uncovered in Germany. The US yield curve at its most inverted since 1981.[2]

Certainly, a year with all kinds of everything, but rather than Dana’s lyrics, the year felt more in tune with Ukraine’s winning song, Stefania, with its mix of folk and rap, breakdancing and eclectic costumes.

On that ‘note’ I wish you a very happy and relaxed holiday and I wish you strength and best wishes for what may come in 2023.

[1] Source: Bloomberg as at 12^th December 2022

[2] Source: Bloomberg as at 12^th December 2022

Key information:

No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. Past performance is not a guide to future results. The prices of investments and income from them may fall as well as rise and an investor’s investment is subject to potential loss, in whole or in part. Forecasts and estimates are based upon subjective assumptions about circumstances and events that may not yet have taken place and may never do so. The statements and opinions expressed in this article are those of the author as of the date of publication, and do not necessarily represent the view of Redwheel. This article does not constitute investment advice and the information shown is for illustrative purposes only.

In case you missed it

Emerging & Frontier Markets

The ‘Fab 4’ become the ‘FOMO 3’

The Redwheel Emerging and Frontier Markets team explores the concentration challenge facing investors today and maps out under‑owned countries, sectors and themes that the team believes offer a richer blend of structural growth and genuine diversification.

27 July, 2026 | 01:48pm

UK Value & income

When it rhymes it pours

Shaul Rosten, Analyst with the Redwheel Value and Income team looks at the striking similarities between today’s market exuberance and the dotcom era, highlighting stretched valuations, record IPO activity and the dominance of the technology sector.

20 July, 2026 | 07:58pm

UK Value & income

Two beautiful games

As England’s World Cup campaign unfolds, the tournament provides a vivid reminder that sensible bets are grounded in probabilities. Supporters know that backing long-shot teams is unlikely to be rewarded, while favouring stronger sides with clear track records is more prudent. In his latest blog, Shaul Rosten of Redwheel's Value & Income team examines how value investing adopts a similar stance, focusing on quality businesses at attractive valuations, rather than richly priced growth narratives with low odds of delivery.

6 July, 2026 | 07:29pm

Disclaimer

Redwheel ® and Ecofin ® are registered trademarks of RWC Partners Limited (“RWC”). The term “Redwheel” may include any one or more Redwheel branded regulated entities including RWC Asset Management LLP, which is authorised and regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission (“SEC”); RWC Asset Advisors (US) LLC, which is registered with the SEC; RWC Singapore (Pte) Limited, which is licensed as a Licensed Fund Management Company by the Monetary Authority of Singapore; Redwheel Australia Pty Ltd is an Australian Financial Services Licensee with the Australian Securities and Investment Commission; and Redwheel Europe Fondsmæglerselskab A/S which is regulated by the Danish Financial Supervisory Authority.

Redwheel may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document. Redwheel and RWC (together “Redwheel Group”) seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.

This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by Redwheel are available only to such persons. It is not intended for distribution to and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.

This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed or approved by any regulatory authority in any jurisdiction.

The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by Redwheel; or (iv) an offer to enter into any other transaction whatsoever (each a “Transaction”). Redwheel Group bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction. No representations and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party.

Redwheel Group uses information from third party vendors, such as statistical and other data, that it believes to be reliable. However, the accuracy of this data, which may be used to calculate results or otherwise compile data that finds its way over time into Redwheel Group research data stored on its systems, is not guaranteed. If such information is not accurate, some of the conclusions reached or statements made may be adversely affected. Any opinion expressed herein, which may be subjective in nature, may not be shared by all directors, officers, employees, or representatives of Group and may be subject to change without notice. Redwheel Group is not liable for any decisions made or actions or inactions taken by you or others based on the contents of this document and neither Redwheel Group nor any of its directors, officers, employees, or representatives (including affiliates) accepts any liability whatsoever for any errors and/or omissions or for any direct, indirect, special, incidental, or consequential loss, damages, or expenses of any kind howsoever arising from the use of, or reliance on, any information contained herein.

Information contained in this document should not be viewed as indicative of future results. Past performance of any Transaction is not indicative of future results. The value of investments can go down as well as up. Certain assumptions and forward looking statements may have been made either for modelling purposes, to simplify the presentation and/or calculation of any projections or estimates contained herein and Redwheel Group does not represent that that any such assumptions or statements will reflect actual future events or that all assumptions have been considered or stated. There can be no assurance that estimated returns or projections will be realised or that actual returns or performance results will not materially differ from those estimated herein. Some of the information contained in this document may be aggregated data of Transactions executed by Redwheel that has been compiled so as not to identify the underlying Transactions of any particular customer.

No representations or warranties of any kind are intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in a Redwheel-managed fund.

This document expresses no views as to the suitability or appropriateness of the fund or any other investments described herein to the individual circumstances of any recipient.

The information transmitted is intended only for the person or entity to which it has been given and may contain confidential and/or privileged material. In accepting receipt of the information transmitted you agree that you and/or your affiliates, partners, directors, officers and employees, as applicable, will keep all information strictly confidential. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information is prohibited. Any distribution or reproduction of this document is not authorised and is prohibited without the express written consent of Redwheel Group.

Funds managed by Redwheel are not, and will not be, registered under the Securities Act of 1933 (the “Securities Act”) and are not available for purchase by US persons (as defined in Regulation S under the Securities Act) except to persons who are “qualified purchasers” (as defined in the Investment Company Act of 1940) and “accredited investors” (as defined in Rule 501(a) under the Securities Act).

This document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed by Redwheel. Any offering is made only pursuant to the relevant offering document and the relevant subscription application. Prospective investors should review the offering memorandum in its entirety, including the risk factors in the offering memorandum, before making a decision to invest.

AIFMD and Distribution in the European Economic Area (“EEA”)

The Alternative Fund Managers Directive (Directive 2011/61/EU) (“AIFMD”) is a regulatory regime which came into full effect in the EEA on 22 July 2014. RWC Asset Management LLP is an Alternative Investment Fund Manager (an “AIFM”) to certain funds managed by it (each an “AIF”). The AIFM is required to make available to investors certain prescribed information prior to their investment in an AIF. The majority of the prescribed information is contained in the latest Offering Document of the AIF. The remainder of the prescribed information is contained in the relevant AIF’s annual report and accounts. All of the information is provided in accordance with the AIFMD.

In relation to each member state of the EEA (each a “Member State”), this document may only be distributed and shares in a Redwheel fund (“Shares”) may only be offered and placed to the extent that (a) the relevant Redwheel fund is permitted to be marketed to professional investors in accordance with the AIFMD (as implemented into the local law/regulation of the relevant Member State); or (b) this document may otherwise be lawfully distributed and the Shares may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Information Required for Offering in Switzerland of Foreign Collective Investment Schemes to Qualified Investors within the meaning of Article 10 CISA.

This is an advertising document.

The representative and paying agent of the Redwheel-managed funds in Switzerland (the “Representative in Switzerland”) FIRST INDEPENDENT FUND SERVICES LTD, Feldeggstrasse 12, CH-8008 Zurich. Swiss Paying Agent: Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich. In respect of the units of the Redwheel-managed funds offered in Switzerland, the place of performance is at the registered office of the Swiss Representative. The place of jurisdiction is at the registered office of the Swiss Representative or at the registered office or place of residence of the investor.

No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment.The term “RWC” may include any one or more RWC branded entities including RWC Partners Limited and RWC Asset Management LLP, each of which is authorised and regulated by the UK Financial Conduct Authority and, in the case of RWC Asset Management LLP, the US Securities and Exchange Commission; RWC Asset Advisors (US) LLC, which is registered with the US Securities and Exchange Commission; and RWC Singapore (Pte) Limited, which is licensed as a Licensed Fund Management Company by the Monetary Authority of Singapore.RWC may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this audio. RWC seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.This audio is directed only at professional, institutional, wholesale or qualified investors. The services provided by RWC are available only to such persons. It is not intended for distribution to and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.This audio has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed or approved by any regulatory authority in any jurisdiction. The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by RWC; or(iv) an offer to enter into any other transaction whatsoever (each a “Transaction”). No representations and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party.RWC uses information from third party vendors, such as statistical and other data, that it believes to be reliable. However, the accuracy of this data, which may be used to calculate results or otherwise compile data that finds its way over time into RWC research data stored on its systems, is not guaranteed. If such information is not accurate, some of the conclusions reached or statements made may be adversely affected. RWC bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction. Any opinion expressed herein, which may be subjective in nature, may not be shared by all directors, officers, employees, or representatives of RWC and may be subject to change without notice. RWC is not liable for any decisions made or actions or in actions taken by you or others based on the contents of this audio and neither RWC nor any of its directors, officers, employees, or representatives (including affiliates) accepts any liability whatsoever for any errors and/or omissions or for any direct, indirect, special, incidental, or consequential loss, damages, or expenses of any kind howsoever arising from the use of, or reliance on, any information contained herein.Information contained in this audio should not be viewed as indicative of future results. Past performance of any Transaction is not indicative of future results. The value of investments can go down as well as up. Certain assumptions and forward looking statements may have been made either for modelling purposes, to simplify the audio and/or calculation of any projections or estimates contained herein and RWC does not represent that that any such assumptions or statements will reflect actual future events or that all assumptions have been considered or stated. Forward-looking statements are inherently uncertain, and changing factors such as those affecting the markets generally, or those affecting particular industries or issuers, may cause results to differ from those discussed. Accordingly, there can be no assurance that estimated returns or projections will be realised or that actual returns or performance results will not materially differ from those estimated herein. Some of the information contained in this audio may be aggregated data of Transactions executed by RWC that has been compiled so as not to identify the underlying Transactions of any particular customer.The information transmitted is intended only for the person or entity to which it has been given and may contain confidential and/or privileged material. In accepting receipt of the information transmitted you agree that you and/or your affiliates, partners, directors, officers and employees, as applicable, will keep all information strictly confidential. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information is prohibited. The information contained herein is confidential and is intended for the exclusive use of the intended recipient(s) to which this audio has been provided. Any distribution or reproduction of this audio is not authorised and is prohibited without the express written consent of RWC or any of its affiliates.Changes in rates of exchange may cause the value of such investments to fluctuate. An investor may not be able to get back the amount invested and the loss on realisation may be very high and could result in a substantial or complete loss of the investment. In addition, an investor who realises their investment in a RWC-managed fund after a short period may not realise the amount originally invested as a result of charges made on the issue and/or redemption of such investment. The value of such interests for the purposes of purchases may differ from their value for the purpose of redemptions. No representations or warranties of any kind are intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in a RWC-managed fund. Current tax levels and reliefs may change. Depending on individual circumstances, this may affect investment returns. Nothing in this document constitutes advice on the merits of buying or selling a particular investment. This audio expresses no views as to the suitability or appropriateness of the fund or any other investments described herein to the individual circumstances of any recipient.AIFMD and Distribution in the European Economic Area (“EEA”)The Alternative Fund Managers Directive (Directive 2011/61/EU)(“AIFMD”) is a regulatory regime which came into full effect in the EEA on 22 July 2014. RWC Asset Management LLP is an Alternative Investment Fund Manager (an “AIFM”) to certain funds managed by it (each an “AIF”). The AIFM is required to make available to investors certain prescribed information prior to their investment in an AIF. The majority of the prescribed information is contained in the latest Offering Document of the AIF. The remainder of the prescribed information is contained in the relevant AIF’s annual report and accounts. All of the information is provided in accordance with the AIFMD.In relation to each member state of the EEA (each a “Member State”),this document may only be distributed and shares in a RWC fund(“Shares”) may only be offered and placed to the extent that (a) the relevant RWC fund is permitted to be marketed to professional investors in accordance with the AIFMD (as implemented into the local law/regulation of the relevant Member State); or (b) this audio may otherwise be lawfully distributed and the Shares may lawfully offered or placed in that Member State (including at the initiative of the investor).Information Required for Distribution of Foreign Collective Investment Schemes to Qualified Investors in SwitzerlandThe representative and paying agent of the RWC-managed funds in Switzerland (the “Representative in Switzerland”) FIRST INDEPENDENT FUND SERVICES LTD, Klausstrasse 33, CH-8008 Zurich. Swiss Paying Agent: Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich. In respect of the units of the RWC-managed funds distributed in Switzerland, the place of performance and jurisdiction is at the registered office of the Representative in Switzerland.