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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.
Our first quarterly outlook of the year looks back at 2019’s headwinds and tailwinds, explains how we applied our investment process to deal with them, provides our thoughts on how markets will develop over the next quarter, and concludes by examining the theme of shelter as an investment, writes Head of Investment Management Simon Black.
The summer of 2019 was always going to be a tricky time to navigate. When trading volumes lighten, any macroeconomic news can spike volatility across asset classes. Acknowledging this, we do not believe in holding equities simply to have equity exposure in our client portfolios. If the risk/reward is not balanced in our favour, we would rather sit on the sidelines, writes Head of Investment Management, Simon Black.