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Investment Insights

Recovery to remain surprisingly strong

The strength of global economic activity has been surprising many in recent months and is likely to continue to do so as the year progresses. The downturn last year was not due to a collapse following unsustainable build-up of internal imbalances. The Covid-19 medical... read more

Five key themes influencing portfolio construction

Share prices are likely to further appreciate as investors gain greater confidence in the ongoing economic recovery at a time when interest rates are historically low. That said, reasonably high starting valuations reduce the return expectations over our five-year... read more

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... read more

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,... read more

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... read more

Renewed policy support bolsters momentum

Global growth has slowed significantly since the middle of 2018. However various factors point to a likely mild reacceleration in activity later this year and an extended recovery period. Jobs growth implies underlying economic strength. Easier financial conditions,... read more

Less Growth, More Inflation, Continuing Populism

** Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried– Bill Miller. ** The safe time to invest is when there is blood in the streets– Mark Mobius.** The only ones... read more

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