Continuing recovery from crisis encourages pro-cyclical portfolios
The continued rally in equities leaves less value available. Key economic regions should recover strongly through next year and this is well reflected in share prices. Several factors could prompt a downturn in prices such as delays in dealing with the virus,...
Uncertain recovery underway
After stringent lockdowns and economies in freefall earlier in the year, the long road to recovery is underway. Economic data has since May 2020 already surprised on the upside and a strong rebound should be in evidence during the remainder of the year. The globe has...
Better times ahead for adding to risk assets
Tragically, many lives continue to be lost to the coronavirus around the world. A brutal economic downturn is underway. The depth of the disaster and the speed of recovery will not be uniform across the globe. Advanced economies with stronger medical systems,...
Investment outlook shaped by extraordinary economic and political environment
Global economies should continue growing beyond the current year, helped by expansive monetary policy and additional fiscal support. Corporate earnings and dividends will benefit. We expect risky assets like shares and property to beat defensive assets like cash and...
Valuation strain encourages focus on quality, in the main
Our portfolio positioning in recent months is decidedly more cautious. Cash holdings are elevated so that we are ready to snap up bargains in risk assets as market volatility provides opportunities. Interest rates have dropped this year as stalling economies and...
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