Peter Robson's letter - 2nd quarter 2019

Global equity prices improved modestly in the second quarter, following the sharp rebound in the first quarter. However, there has been significant volatility over the past three months, with prices declining sharply in May before that trend reversed in June. Concerns in May related to the on-going trade war between the US and China, which escalated as Trump increased tariffs on imports from China. However, these concerns were offset in June by increasingly dovish comments by the US Federal Reserve (fueling an increased belief of interest rate cuts over the remainder of the year) and the potential for a positive meeting between Presidents Trump and Xi at the G20 summit, which appears to have come to fruition. In terms of sectors, software continued its market leadership and the consumer sectors also performed well. In contrast, oil and oil service companies continued to underperform.

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2Q19 Manager's Letter PR.pdf

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