Europe

European equities have declined 26% during 2020 owing to the rapid spread of the Covid-19 pandemic. Consequently, economic activity indices have declined to multi-year lows.

Two decades of growth

Manager Russell Champion backs his style-agnostic approach

Investors are grappling with the huge uncertainty caused by the global Covid-19 pandemic. The human and economic impact has been dramatic, both in its magnitude and in its velocity.

Investors could be forgiven for thinking that nowhere is an immediately appealing prospect for investment right now, least of all Europe.

Strong capital ratios despite challenging share prices

European economic data has been largely positive.

Despite investor expectations to the contrary, 2019 proved to be a remarkable year for equity investors, with MSCI World's 28% annual return being the second highest in 30 years.

Tenpin, emerging markets and Alphabet

After some volatility during the summer, Q4 2019 added to the rising tide experienced by European equity markets since the dip in late 2018.