Peter Robson's letter - 1st quarter 2019

After a very weak performance in the last quarter of 2018, global equity prices have rebounded very strongly in the first three months of 2019. The markets’ concerns about slowing global economic growth and a tightening liquidity event appear to have abated thanks to several factors, such as the Federal Reserve’s decision to stop raising rates while easing back on quantitative tightening and the potential for a resolution to the trade dispute between the US and China. China was the best performing market in the first quarter, thanks to some monetary policy loosening by the PBoC and some signs that the slowdown in economic growth had been arrested. In terms of global sectors, the best performers were Technology and Mining. More defensive sectors, such as Telecoms and Utilities underperformed while Financials suffered from a flattening of the yield curve. The improvement in growth outlook has been positive for our investment style, though the strategy remains wary about the speed of rebound that equity prices have enjoyed.

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1Q19 Manager's Letter PR.pdf

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