Morningstar UK

How the Interest Rate Cut Affects Your Investments

Tue, 30 Aug 2016 10:20:34 +0100

This week we’re going to take a look at interest rates. The Bank of England has cut interest rates to 0.25% - the first move in more than seven years. What does it mean for your investments? Let’s get started and kick off with Senior Emma Wall and Chief Investment Officer for EMEA’s Morningstar Investment Management, Dan Kemp who discuss the implications of this rate cut to investors Portfolios’

So interest rates have been cut by the Bank of England. But this is just the beginning of central bank action. What’s next? Head of quantitative research for fidelity, David Buckle is up next to explain.

How do you Protect Your Portfolio Against Rising Inflation? Miton Multi-Asset fund manager David Jane explains the risks of investing in a rising inflation environment with Emma Wall and how he protects his portfolio.

Up next, JO Hambro's Ben Leyland explains how quantitative easing has made quality stocks expensive - and warns investors they should prepare for a correction in the next 3 years.

With a rising stock market and projected economic growth of 1% for 2017, were initial post-Brexit forecasts overly pessimistic? What impact has Brexit had on investors since? Tom Beckett, Chief Investment Officer for Psigma is up next to discuss.

Falling Interest Rates are Hitting Your Pension Income. If you think annuity rates are bad now? Wait until the Bank of England cuts rates further next month. We consider what your retirement income options are in this current environment.

How to Invest Post-Brexit

Tue, 26 Jul 2016 15:40:06 +0100

This week we’re going to take a look at how the financial market is shaping up after Britain voted to leave the European Union.
Senior editor Emma Wall starts our podcast off by discussing what the professional investors have been buying now that we are heading for Brexit.

How have retail investors reacted to Brexit? Morningstar's Jonathan Miller takes a look at fund flows and cautions investors against making any hasty decisions and in particular to not give up on UK Equities.

Brexit brings with it impending market uncertainty, but this is nothing new, says Jupiter's John Chatfeild-Roberts. He urges investors to take a long-term view and stick to high quality companies with international exposure.

Will the Property Freeze Affect Multi-Asset Funds?
Millions of pounds has been gated in commercial property funds as liquidity issues have meant managers have had to restrict withdrawals. Will multi-asset be affected? Senior Fund analyst Randal Goldsmith discusses this issue with Emma Wall up next.

In the weeks since Britain voted to leave the EU both stock markets and bond prices have divided - with some rallying significantly and others falling fast
Portfolio Manager for Morningstar Investment Management, Richard Whitehall discusses how currency has boosted investments post-Brexit.

Britain's vote to leave the European Union seems to tie in with a feeling across the Western world – a rebellion against globalisation and those in power. Emma Wall discusses this theory up next.

Millennials, Fund Fees and Building Investor Trust

Tue, 21 Jun 2016 11:26:01 +0100

This week we’re focusing on Millennials, Fund Fees and Building Investor Trust. What do the Millennials expect from their financial future? When do they see themselves retiring, if ever - and would they ever pay for advice to help them achieve their money goals? Senior editor Emma Wall took the streets to find out first hand.

It may be decades away, but smart Millennials should start planning for their retirement early - harness the power of compound interest to avoid pension poverty explains Emma Wall up next.

Millennials are adopting lifetstyles mindful of their impact on society and the environment - and they want their investment portfolios to reflect this commitment too. San Lie, Director of Manager Research for Morningstar Benelux explains why Millennials are Leading the Way with Sustainable Investing.

Can ESG Investing Mitigate Risk in Emerging Markets? James Donald, emerging markets fund manager at Lazard, explains why he only invests in companies which treat all shareholders in a fair and equal way and also some of the pitfalls investing in emerging markets.

Don't Pay High Fees for a Low Active Share Fund. Most of the portfolio of a low Active Share fund, you can get at really low cost in an ETF, says Martijn Cremers, Professor of Finance for Notre Dame University up next.

Has the city been behaving badly? Hermes chief executive Saker Nusseibeh believes Fund managers need to earn the trust of investors starting by caring about their clients and being honest about outcomes.

Brexit, Trump and a Global Recession

Fri, 27 May 2016 10:35:10 +0100

This week we’re focusing on how Brexit, Trump and a Global Recession could affect your portfolio. There are challenges ahead for the global economy but Old Mutual Global Investors' chief executive Richard Buxton feels Brexit is not one of them claiming Britain will not leave the EU. Let’s first hear from him and Senior editor Emma Wall who discussed this topic and the Morningstar investment conference in London.

But what if Brexit does happen? Will UK investors still be able to access their UK domiciled funds in the event Britain leaves the EU? The Investment Association's Guy Sears is up next to dispel the myths.

Global recession fears are unfounded - but markets remain challenging for investors, particularly in Emerging Markets says JP Morgan's Stephanie Flanders up next.

What Happens to Markets if Trump Becomes President? Economic Consultant for Pioneer Investments Robert Wescott says it would be "scary" for the global economy if Donald Trump becomes President of the United States.

Looking more closely at the Japanese economy. We have Gold-rated Japan equities investor Andrew Rose up next who says the yen needs to stabilise in order for the prospect of corporate profits to improve in Japan.

Is it time to Hold Cash and Prepare for a Market Crash? The third longest bull market in US equities coupled with "extraordinary" intervention in financial asset markets by central banks spells recession says Sanditon's Chris Rice up next.

When Does Market Volatility Matter to Your Investment Portfolio Long-term investors should embrace volatility, says Morningstar Investment Management's Dan Kemp - as it offers opportunities not risk.

How to Maximise Your Retirement Income

Thu, 28 Apr 2016 09:30:34 +0100

This week we’re focusing on pensions and retirement. Lets start at the beginning shall we? What exactly is a Pension? What different types of pension are there and how do they work? Morningstar’s Senior Editor Emma Wall talks us through the basics.

Redington's Lydia Fearn explains to us why it is critical to start saving for retirement as early as possible, to increase your payments when you get a pay rise and why the forthcoming Lifetime ISA is not a pensions alternative.

So you’ve decided you want to start paying more attention to your pension and planning your retirement but how exactly do you save retirement? Senior Editor Emma Wall explains all.

Are you starting a personal pension for the first time? We talk to top investor John Husselbee, Head of Multi-Asset for Liontrust to give his three fund picks across the sectors to consider for your SIPP.

Thanks to pension freedoms you can now access 25% of your pension pot tax-free at 55 - and figures show many retirement savers are withdrawing their cash. But should you do the same? We discuss this and more with Richard Parkin, Head of Pensions for Fidelity.

Looking for income producing assets? Be careful to look at the underlying portfolio of any income-paying fund as a low rate environment has forced many up the risk curve meaning Income Investing Has Become Significantly More Risky explains Morningstar’s Dan Kemp.

Not all UK equity income funds are the same, it is important to match your requirements to the right manager. Senior Morningstar Analyst Peter Brunt highlights three very different funds for your post retirement portfolio.

ISA Investing for Beginners

Tue, 15 Mar 2016 09:21:17 +0000

This week we’re looking at ISAs. With less than one month left of this tax year time is running out for ISA and pension investors – or anyone looking to boost their savings and reduce their HMRC bill.

Despite record low interest rates on savings and wages slow to rise, UK consumers are looking to the long term and diligently saving. But data reveals we are over-reliant on cash explains Morningstar Editor Emma Wall.
Consumers like the more generous ISA allowances – but low interest rates and stretched finances are preventing some from saving. We took to the street and asked the public what they were planning to do with this year’s ISA allowance

Ever wondered where the fund experts choose to invest their own money? We asked Morningstar's investment professionals - fund analysts and portfolio managers - where they would be investing their personal ISA allowance this year.

Looking for ISA ideas? Don't buy quality stocks at any price, you could regret it when the market moves up or down warns Hermes Global Equity fund manager Lewis Grant up next.

Silver Rated manager Jeremy Podger chooses stocks based on special circumstances, rather than market backdrop, meaning that they can grow regardless of the market cycle. He’s up next talking to Emma Wall and giving his top Stocks Picks.

There are thousands of fund managers in the market, making it difficult for investors to choose between them. Morningstar’s editorial Assistant Karen Kwok reveals the 10 top performing fund managers of the past decade, how they fared after they reached the top and whether a star turn one year affected fund flows the next.

Looking to reduce your tax bill and boost your portfolio returns? Emma Wall rounds off our podcast today by explaining the benefits of ISAs and SIPPs - and outline some alternative tax-efficient investments to consider.

Fund and stock ideas for income investors

Mon, 15 Feb 2016 16:32:58 +0000

This week we’re looking at Investing for Income. Is your portfolio earning you the best possible rate of income? Are you prepared for this year's interest rate rise? We tell you how to maximise yield and where to find dividend payers in our Guide to Income Investing.

Thanks to the closed-end structure and careful stock selection Bankers Trust has grown its dividend for half a century. Morningstar Editor Emma Wall kicks us off with an insight into the success of this Trust with manager Alex Crooke.

Where Can Income Investors Find Dividends Now? The outlook for dividend stocks is looking gloomy - but there are still opportunities out there for the income investor. Evenlode's Hugh Yarrow reveals what to avoid and where to look.

Up next, George Boyd-Bowman manager of the Neptune Global Income Fund highlights for us 3 Global Stocks Offering Dividend Growth that could and should pay bigger dividends in the future.

You should be aware of high yielding stocks - they may not be sustainable sources of income. Instead stick to companies with lots of cash and a stable outlook says Evenlode’s Ben Peters who gives us his 3 UK Income Stock Picks.

Which Bonds Deserve a Place in Income Investors' Portfolios? With gilt yields falling - and inflation set to rise - should income investors still consider bonds as part of their portfolios? Morningstar's Dan Kemp says yes - but be selective.

There have been a slew of multi-asset income fund launches recently - targeted at the post-retirement investor. But what do fund analysts think of the offerings? Morningstar FUND ANALYST Randal Goldsmith explains more.

Investing Ideas for 2016

Mon, 18 Jan 2016 12:21:06 +0000

This week we’re looking at investment ideas for 2016. For example, Mining stocks, banks, emerging markets and high yield credit all fared poorly last year but in our first interview, Psigma's Tom Becket explains to Morningstar Editor Emma Wall why these are the areas you should consider for your 2016 portfolio.

After an exciting 2015 for Japan, does it still offer opportunities for growth in 2016? Morningstar's chief investment officer Dan Kemp reflects back on Japan’s performance last year and considers its prospects for the year ahead.

Should You Invest in Bonds in 2016? As UK and US central banks raise interest rates this year, so too will bond yields - and the price of bonds will fall. Up next, Emma Wall discusses if there is any merit in holding fixed income in 2016?

The U.S. economy is mostly insulated from a slowing China, but that doesn’t mean a smooth ride ahead for global stock markets. Bob Johnson, Director of Economic Analysis at Morningstar explains why China’s woes could cause global stock Market volatility.

Commodity markets may be volatile but stock valuations are compelling when balanced with funds able to bet against other expensive equities explains Premier’s Multi-Asset Growth & Income Fund Manager Simon Evan-Cook.

Top Investments of 2015 and Funds Which Faltered

Wed, 23 Dec 2015 12:14:19 +0000

This week we’re rounding up what was hot and was not in 2015. For example, did you know that Investors sold more bond funds than any other asset class throughout the year?

Morningstar’s new editorial assistant Karen Kwok gives us the run down on what were investor’s favourite and what were their least popular funds in 2015.

Which closed-end funds have Morningstar readers favoured throughout the year? Morningstar Editor Emma Wall and Senior Fund Analyst David Holder reveal the top three investment trusts of 2015 as voted for by you.

Axa Distribution manager Richard Marwood called the end of the bond rally too early but says now we are poised for a rate rise and his portfolio is now perfectly positioned. Emma Wall had the opportunity to discuss with Richard on why being too cautious on bonds lost cash in 2015.

It has been a good year for investment trusts; closed-end funds saw record inflows, new fund launches aimed at income investors and performance fees cut. We return to David Holder, Senior Analyst at Morningstar who tells us all.

This year has been a landmark year for pension savers, auto-enrolment has created more pension savers than ever - with 20 million people now saving for retirement. And those at retirement have the freedom to invest how they wish says Emma Wall.

Your Guide to Investing in Asia

Fri, 27 Nov 2015 11:51:14 +0000

This week we’re focusing Investing in Asia. Asian equities can provide portfolio diversity – and boost long-term returns. But there are underlying geopolitical and corporate risks in the region.

Morningstar’s Senior Investment consultant and Portfolio Manager Richard Whitehall starts us off by explaining the things you should consider before investing in Asia.

Thanks to China's one child policy, its population is ageing - negatively impacting the economy. Will scrapping the policy be enough to kick start growth again? Hyung Jin Lee, Head of Asian Equities for Barings talks to Morningstar Editor Emma Wall to discuss if the change of policy is good news for investors.

Investors should not write off China's state owned enterprises, they offer investors potential for profit despite their public sector status explains Fidelity's Dale Nicholls up next.

After a very good run in 2014, the Indian stock market has disappointed year to date. But this creates buying opportunities as long as reforms take place. Henderson's Andrew Gillan explains why he still has a High Conviction in Indian Equities.

Different economies in Asia have different risk and return profiles. What Does Investing in Asia Bring to Your Portfolio? Morningstar's Arthur Wu shares some tips to get the most from investing in the region.

If your looking to add Asia exposure to your portfolio, whether investing in active or passive funds, then you should consider whether your risk appetite matches the risk profile of the investment explains Emma Wall.

Finding Companies That Reward Shareholders with Income

Fri, 30 Oct 2015 13:46:44 +0000

This week we’re focusing on finding companies that reward shareholders with income. Income paying stocks can boost the value of your portfolio through total returns - and by choosing those equities that pay dividends you're often opting for high quality companies.

Morningstar Editor, Emma Wall starts us off by explaining why you should consider income investing.

UK equity income funds have performed very well since the global recession - buoyed by falling interest rates. But what happens now that rates are set to rise? Mark Wharrier, Manager of the BlackRock U.K. Income Fund gives us some tips on investing for income in a rising rate environment.

Exchange traded funds which only invest in income-paying equities are the most popular in the strategic beta universe. Emma Wall and Morningstar’s Passive Fund Analyst Kenneth Lamont examine how to pick the best income-paying ETF’s for you.

Looking for income-paying investments for your retirement portfolio? Up next Morningstar’s senior fund analyst David Holder picks three closed-end funds which are dividend heroes.

Your portfolio requirements can change once you are retired – Emma Wall rounds off our podcast today by suggesting you take a suitably cautious stance when you are solely reliant on investment income.

Back to Basics: Investment Education

Mon, 28 Sep 2015 14:53:40 +0100

Do you know your asset allocation from you elbow? Do you know the difference between a bond’s coupon and its yield? Prepare to impress your friends and family – and win pub quizzes based within the square mile. This month on the Morningstar Podcast we’re focusing on Financial Education, and we’re going back to basics.

Morningstar Editor, Emma Wall starts us off by explaining the importance of taking control of your finances.

Diversification is extremely important in an investment portfolio. Equities offer investors the chance for profit over the medium to long term, but fixed income has also fared well proving the need for both explains Morningstar’s Senior Fund analyst Jose Garcia Zarate

So how do we go about blending assets to make a successful portfolio?
It is not enough to pick fantastic investments - you have to blend them together in a complimentary way explains Head of Multi-Asset for Liontrust, John Husselbee.

When Is it OK to Run Out of Money in Retirement? Capital preservation is important - especially at the beginning of your retirement. Emma Wall and JP Morgan’s Annabel Duncan discuss why you don't necessarily need to be afraid to let your assets dwindle.

The idea of putting money away for a pension that is 20, 25, 30 years in the future can be very challenging for some people who prefer spending on tangible purchases in the here and now. Investment Consultant for Redington Freddie Ewer discusses how we need to start changing social norms to boost our income for retirement.

Bond Investors: What to do Now

Thu, 13 Aug 2015 16:54:52 +0100

The Federal Reserve and the Bank of England have hinted that interest rates will rise later this year, and while this is good news for savers – it could spell bad news for bond investors. This month on the Morningstar Podcast we examine how investors are reacting to the risk of the bond bubble bursting, and whether they should be worried.

Fixed income investors have benefitted from a bond rally lasting more than a decade - but after much warning the tide has turned, with both Gilts and corporate bonds losing cash this year. Morningstar Editor Emma Wall and Morningstar Portfolio Manager Emma Morgan discuss the latest developments in the Bond market.

How can you prepare for an interest rate rise? Bond investors use duration to bet on rising or falling rates, but what exactly is duration? Morningstar’s Senior Passive Funds Analyst Jose Garcia Zarate is here to explain.

Investors are losing confidence in bonds as safe haven assets, selling out of bond funds in favour of absolute return strategies and commercial property funds explains Morningstar’s Editor Emma Wall up next.

20 years ago bond yields were at 8%, now they are 3%. Gold-rated fixed income investor Ian Spreadbury talks to us about where the opportunities are in this low-growth market.

Remember that the benefits of diversification are that when something goes up, something else is going down. The important thing is to keep the overall shape of the portfolio in balance explains Morningstar’s Chief investment officer Dan Kemp.

Investing in Emerging Markets

Tue, 21 Jul 2015 12:22:57 +0100

This month we focus on How to Invest in Emerging Markets.

Emerging markets offer UK investors the potential for fantastic profits over the long term. But how do you define an Emerging market? Morningstar Editor Emma Wall takes us through the basics.

Emerging market equities and fixed income investments can be risky but if you take a long term approach these economies can reward you with profit. Who exactly should be investing in Emerging Markets? We go back to Emma Wall who suggests that Investing in Emerging markets is for everyone.

Should Investors Be More Worried About Greece or China?

As Brussels finally releases much-needed cash to Greece, should investors stop worrying about the eurozone and instead turn their attention to what’s happening in the Chinese stock market? We spoke with Anna Stupnytska, Global Economist for Fidelity for her views on the current situation facing both emerging economies.

Emerging markets investment legend Mark Mobius has stepped down as the lead manager on the Templeton Emerging Markets trust - so who is his replacement and will they be the new champion of emerging economies? Morningstar’s head of manager research UK, Jeremy Beckwith discusses this and more with Emma Wall next.

Don't want to asset allocate yourself? Then leave it to the professionals. Morningstar Analyst Muna Abu-Habsa gives us three global equity funds derived from emerging market companies that pay a healthy income.

The emerging markets you leave out of your portfolio can affect the performance as much as the ones you include. Premier's Simon Even-Cook explains the traps to avoid.

Using Active and Passive Funds for Investment Success

Thu, 25 Jun 2015 12:05:28 +0100

This month we focus on how to invest using active and passive funds.

Fans of passive investment often cite the cost of active management as a negative factor. But smart investors should consider more than just the price of a fund. Morningstar Editor Emma Wall speaks with Chris Traulsen, Head of Research for Morningstar on what else to look out for when choosing a fund other than its price.

Predicting how much a fund investment costs – whether it is active or passive – is near impossible says Emma Wall. Should flat fees become an option for the future?

With passive funds often performing just as well as actively managed funds at a fraction of the cost, why pay for active management? Active management is critically important for a functioning economy - as well as investors, says Mark Burgess from Columbia Threadneedle. Especially when stock markets are expected to move sideways.

Passive funds are precise tools that asset allocators can use to get exposure to different markets - although they are not risk free. So what are the benefits of passive investing? Emma Wall and Chief investment officer for Nutmeg, Shaun Port discuss this next.

Want to invest in UK equities? Once you have decided on the asset allocation, now it is time to choose which strategy is best to gain exposure. European Website Manager for Morningstar, Holly Cook, talks us through some options.

A healthy level of scepticism is required before appointing any active fund manager, and you should have a high degree of confidence that that manager can outperform any fees. Is balancing active and passive funds the way forward? Chief Investment officer for Morningstar’s Investment Management, Daniel Needham talks about using Active and Passive Strategies within a retirement portfolio.

Investment Tips from the Money Experts

Tue, 26 May 2015 15:55:57 +0100

This month we bring you the very best from our Investment Conference, featuring views from the brightest money minds around. First up, what the experts think of the different global investment regions.
In the UK interest rates have been at a record low level for more than six years but it is looking increasingly likely that the Bank of England will raise rates within the next year. Morningstar Editor Emma Wall speaks with J O Hambro’s Clive Beagles about Which Income Stocks Will Benefit from an Interest Rate Rise.
Lets now get an update from across the channel.
Henderson European equity investor John Bennett speaks with Emma about how euro weakness is good for stock markets and that if the euro strengthens it will quickly halt any outperformance.
Is it Time to Sell US Equites? Federal Reserve chief Janet Yellen has said that US equities look fully valued and interest rates are due to rise imminently.
Emma Wall and US Equity Fund manager for Artemis Cormac Weldon discuss if investors should be curbing their US exposure.
For an Emerging markets update, we were extremely pleased to have Dr. Mark Mobius of Franklin Templeton speak to us at the Morningstar Investment Conference. Dr Mobius tells investors not to be put off by negative headlines and that Africa Offers the Best Emerging Opportunities.
Retirement was a key theme at the M* investment con¬ference this month. Many investors are confident they're saving enough for retirement.
When it comes to an income in retirement we found the public prefer income drawdown strategies to an annuity.

Conversely on the other side of the Atlantic, American investors are turning to annuities to provide a steady stream of income in retirement.
We get a view from Morningstar’s own Matthew Radgowski, on What Pension Savers Can Learn from US Investors.

How to Secure the Best Income in Retirement

Mon, 27 Apr 2015 17:12:10 +0100

This month on the podcast we focus on how to secure the best income in retirement.

Thanks to medical and social advancements we are all living longer – meaning that our pension pot has to stretch even further. To help you maximise your income potential in retirement, Morningstar Editor Emma Wall outlines the basics of saving for retirement.

As of April 6, we are now living in a world of pensions freedom. What do the changes to pensions actually mean for you? Just because you annuity purchase is no longer compulsory, Emma Wall says this does not mean you should dismiss them entirely.

Boost your State Pension pay-outs, increase the income from your workplace pension and make your SIPP work harder; Alan Higham and Emma wall discuss how to maximise your retirement income.

The world of retirement is changing - fewer people stop work entirely and pension income needs to last longer. So what should you be considering when investing once you are in retirement? Emma Wall is joined by Morningstar’s Dan Kemp, to discuss how to invest a post-retirement portfolio.

Multi-asset drawdown portfolios can provide a steady income stream in retirement. How should drawdown strategies be used - and can they complement an annuity? Daniel Needham, Morningstar’s Global Chief Investment Officer for Investment Management discusses this very issue.

Investment Ideas for Your ISA Allowance

Tue, 17 Mar 2015 11:36:48 +0000

This month on the podcast we focus on ISA’s.
The annual £15,000 tax-free ISA allowance has to be used by midnight on April 5, or investors will lose it forever. Morningstar Editor Emma Wall and Fidelity’s investment director Tom Stevenson outline some top tips for choosing your ISA funds.
Looking for core holding ideas for your ISA, Junior ISA or SIPP? Emma talks with Morningstar passive Analyst Kenneth Lamont about three equity ETFs which are suitable for a portfolio with a long term horizon.
Stock markets in the US and the UK have benefitted from significant gains, bond markets look overvalued and political issues threaten emerging markets. So where should you invest? Shaun Port, Chief investment Officer for Nutmeg discusses this very issue.
Have you used up your ISA allowance? Don't add to the £1.3 billion of cash ISA allowances that are left unused every year – Emma takes a look at the best accounts on the market.

February 2015 - The UK & European economies

Wed, 11 Mar 2015 08:00:22 +0000

This month we focus on the UK and European economies. Three key forces have ensured strong growth from most European markets so far this year, but structural flaws still need to be addressed. Holly Cook and Morningstar’s senior analyst Jose Garcia Zarate discuss this very issue and more. Turning to the UK specifically, Morningstar took to the streets to find out from the public what their views were on how well they feel the UK economy is doing. So sentiment about the UK economy is still fairly confident but of course there are some concerns about rising property prices. We return to Holly Cook and Jose Garcia Zarate who discuss the UK economy in more detail. Also Morningstar editor Emma Wall about how the falling oil price has pushed down inflation in the UK. Finally Emma wraps up our podcast with an interview with Michael Hulme, manager of the Carmignac Portfolio Commodities Fund on his predictions concerning the current economic trends and how they may affect oil and gold prices.

January 2015 - Retirement Month

Wed, 11 Feb 2015 16:38:36 +0000

This month, we focus on retirement saving. Do you think you have saved enough to fund your retirement? We hit the streets of London to find out whether the public had made proper pension provision. Some people are more prepared for retirement than others. We then hear from Morningstar editor Emma Wall who explains how recent government initiatives have helped boost pension engagement. How many of us plan to take advantage of these new rules and take all our pension in cash in retirement? We then went back to the public to find out your views.Finally Emma Wall wraps up our podcast with an interview with Tony Stenning, Head of UK Retail for BlackRock on his views on how to maximise your retirement income for those of us still saving for that rainy day.