Growing fears of more persistent inflation led to correlated declines in both equity and fixed income markets in September. What’s driving the inflationary pressures and what can we expect as we head into year end? Investment Specialist, Kirsty Clark reviews recent market performance and the current economic backdrop.
The coronavirus continues to introduce uncertainty, but investors should expect cyclicals to outperform in the first half of the year. Here we identify key catalysts for equity markets.
What is your assessment of the macro economic backdrop?
The past quarter has been painful. After an encouraging start to the year, we gave all of the outperformance back and more, with exposure to selected Chinese technology shares and the broad underperformance of value-oriented shares globally driving the majority of underperformance. While we try not to dwell on quarterly results, the past few years have also been disappointing. As co-investors in the Orbis Funds, we share the frustration that some of you may be feeling.
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