Gresham House
Specialist asset management
Gresham House Monthly Monitor – June 2026
Most global equity markets are currently in a bubble. A bubble is not merely an asset that has risen sharply in price, nor is it simply expensive by conventional metrics.
Category: Monthly Monitor
Gresham House Monthly Monitor – April 2026
Emerging markets have quietly reasserted themselves
Following the drawdown triggered by the escalation of conflict in the Middle East, EM equities have recovered strongly, with the MSCI Emerging Markets Index now approaching prior highs. While this resilience may appear surprising given geopolitical and energy sensitivities, it is important to recognise how difficult this asset class has been historically.
Gresham House Commercial Property Monthly Monitor – March 2026
Irish commercial property continues to show clear signs of recovery as we move through early 2026, supported by a resilient economic backdrop.
Precious Metals: Valuation and Tactical Rotation
We have held gold in our multi-asset portfolio for many years despite not being “gold bugs” by any means. Our logic for holding gold was based on economic history. We view gold as insurance and as a store of value when confidence in fiat currencies and financial engineering wavers or collapses.
2026 Outlook: An AI bubble – but still plenty to buy
Is an AI bubble starting to form? Derek Heffernan explores where risks are building – and how selective diversification can uncover attractive opportunities.
Irish commercial property market continues to gather momentum
We explore how a resilient economy, steady interest rates, and renewed investor appetite are driving growth across office, retail, and industrial markets.
Where we see value
Discover global equity opportunities in Emerging Markets, Developed Markets ex-US, and deep-value US stocks, balancing risk with long-term growth.
What could derail the fiscal-induced high?
In the August 2025 monthly monitor, Gresham House Ireland reviews the risks of AI overinvestment and rising US tariffs, alongside reasons for continued equity market optimism. Discover how supportive fiscal policy, low oil prices and attractive valuations are shaping investment opportunities.
Market update – July 2025
Explore the factors influencing the US Dollar’s trajectory, including Washington’s policy mix, fiscal deficit, and potential short-term catalysts for outperformance. Stay informed with insights from Senior Investment Analyst Kudakwashe Damba.
US Dollar weakness: can the Greenback make a comeback?
Explore the factors influencing the US Dollar’s trajectory, including Washington’s policy mix, fiscal deficit, and potential short-term catalysts for outperformance. Stay informed with insights from Senior Investment Analyst Kudakwashe Damba.
Higher real yields – short-term pain for long-term gains?
Real yields have garnered attention recently after experiencing a significant rise, returning them to normal historical levels.
Higher for longer?
The negative narrative in the UK is well-worn however, there are areas of positivity within the UK economy.
The UK – Lost cause or great opportunity?
The negative narrative in the UK is well-worn however, there are areas of positivity within the UK economy.
Why we still love dividends
Over the long-term, dividends provide the majority of returns. The starting dividend yield is the most consistent contributor to equity returns.
Valuation matters – The case of Nvidia
The share price of Nvidia Corporation, the US multinational technology company has dramatically increased recently.
Taking advantage of rising interest rates through short-dated bonds
Although central banks have increased interest rates meaningfully, depositors are yet to see the full benefits reflected in the rates domestic banks are offering.
Homing in on the property market
The deterioration in the international economic environment during 2022 has created a level of uncertainty for investors and occupiers in the Irish commercial property market.
An equity rally – time to be discerning
Equity markets have rallied strongly over the first two months of 2023. Many stocks which sold off in 2022 have been in the vanguard of this rally.
Not all of Europe is equal
We have been ‘overweight’ in European equities versus US equities for a number of years, as our bottom-up process has consistently identified greater value in European markets.
Taking a look back at 2022 – and what’s to come in 2023
The recent strong performance of value stocks over their glamour counterparts has investors concerned that they may have missed the value opportunity.
The value rally is only starting to warm up
The recent strong performance of value stocks over their glamour counterparts has investors concerned that they may have missed the value opportunity.
Is it time to buy equities?
There is a lot going on in equity markets today, so answering the question whether it’s time to buy equities is not straightforward.
Is it safe to buy bonds?
Whilst most investors are fully aware that equity markets have been disappointing in 2022, what is less reported is the dramatic losses in the perceived haven of government bond markets.
Has the crescendo of fear brought the US Dollar to a peak?
The last year has seen considerable negativity across many asset classes. Bond markets have fallen into their first bear market in a generation, and equity markets are still in negative territory as the reality of a slowing global economy and rising interest rates takes its toll.
Commodities – is cyclical weakness masking a structural opportunity?
Commodities were the hot topic at the start of this year as investors viewed them as a hedge against inflation.
Uncertainty has caused the third greatest derating of equities
The first half of 2022 has proved an extremely negative period for global equity markets. The sell-off of the last six months has been exceptional and has only been surpassed during periods of extreme market stress, recalling events in 1974, the TMT crash of 2000, the global financial crisis (GFC) and the European sovereign crisis.
The future for multi-asset funds
Multi-asset investing has been one of the fastest growing asset categories over the last twenty years. From 2003 to 2018, the industry increased globally more than five-fold, from $2tn to $11tn, also increasing its market share of worldwide assets under management from 6% to 14%.
Is it time for equities to climb the wall of worry?
2022 has seen the global equity market engulfed in negativity. Rising bond yields, stagflation, increasing recession fears, war in Europe, another COVID-induced shutdown in China and the Central Bank tightening to tackle inflation are among the factors causing the negative backdrop for equities today.
The implications of rising bond yields
The investment story of 2022 so far has been rising bond yields, due to inflation returning with a vengeance.
A bear market or just a rotation into value?
2022 is already proving to be a rude awakening for investors that believed the benign environment of 2021 was set to continue.
Is 2022 going to be the same as 2021?
2021 ended very positively for the Gresham House Ireland Equity and Multi-Asset funds and all enjoyed a very strong year.
