Welcome to our Q2 2020 investment outlook. As usual, it lays out the latest views, analysis and thematic ideas from our Investment Management team. What’s different this quarter is that, although we have traditionally published this as one standalone – typically printed – document, this time, because of the restrictions we face as a result of coronavirus, we are publishing it as website pages.

We hope you’ll find this new format as informative as ever and with more choice in terms of how you navigate the document. The sub-menu we have introduced makes it easier for you to jump around the document to the sections that interest you and you can also enlarge any graph you want with a simple click.

To navigate around our outlook, please click on any of the links below, use the sub-menu, or simply scroll click the ‘Next’ button at the end of each page.

Introduction

• Webinar
  Watch members of our Investment Management team discuss some of the ideas presented in our Q2 2020 outlook during an hour long webinar held on 7 April 2020.

Views

A summary of our expectations of financial markets in the months ahead and how this has informed the asset allocation in our portfolios.

• Letter to investors
• Market updates
  We present a  macroeconomic update as well as further insight from our trading desk
• House views
  Our house views on the main two asset classes: fixed income and equities
• Update on model portfolios
  An update on the performance of our model portfolios this past quarter and the coronavirus strategy we are applying to future investments

Analysis

Information about how we reach our views and our detailed analysis – both qualitative and quantitative – of each of the main asset classes.

• Fixed income
  An overview of movements in rates and credit markets
• Equities
  A look at the movements in equity markets and updates on our single stock holdings, including Video games, Online life and Emerging markets consumer
• Alternative investments
  This quarter, we look at cannabis and, coming at the start of May, impact investing

Thematic ideas

Our investing is characterised by large thematic ideas that are changing the world around us and will continue to do so in the years to come.

• Infrastructure
  This quarter we look at infrastructure as a thematic idea