Is higher 'imported' inflation on its way in the UK?

The outcome of the recent EU referendum in the UK created a lot of discussion around the positioning of multi-asset portfolios both pre- and post-23 June. The reality is that most long-term investors will have made very few, if any, adjustments, writes Adrian Gaspar, multi-asset investment specialist at Prudential Portfolio Management Group.

The reality is that most long-term investors will have made very few, if any, adjustments. Many portfolios were less UK-centric than in previous years, irrespective of the outcome of the referendum, and hence less exposed to negative sentiment towards the short-term prospects for the UK economy. With many FTSE 100 companies deriving a significant proportion of their revenue from overseas, exposure to this index via funds or stocks is effectively a global allocation as well.  For most multi-asset teams the process of strategically diversifying equity portfolios away from the UK bega...