ESG is unavoidable rather than unaffordable

Maintaining one's conviction, and indeed discipline, is an important trait for any investment manager/team. Being prepared to change equally so.

We have owned, and therefore have conviction in, US Treasuries since mid-2018. Likewise gold and other, at that time, out-of-favour assets have served us well since, including another apparent pariah for many asset allocators, commercial property. We like commercial property but via listed closed-ended rather than open-ended vehicles, and we much prefer regional to London/South-East domiciled property. We recognise a hard Brexit brings many challenges, one of which might be the attractiveness of the UK to foreign investors, and, as above, UK Plc might be in for a tougher time, so we a...