Investment

Significant uncertainty clouds the outlook as the global economy confronts a shock that is negative for growth and will likely spur further inflation. Recession risks have increased.

Does not signal recession

'Strong pipeline'

Moving to mainstream

Value investing back in vogue

No successor named

Outperformed Europe, UK and Japan

‘Democratisation’ of asset class

Clarifies gearing change

Consistently outperforming the market over prolonged periods of time is a rare and invaluable attribute.