Feature

Bouncing back from the market correction of last year, the first half of 2019 has been positive for global equities.

The current bull market in US equities began in March 2009. The decade that followed has seen US equities rally by 300%. The early years were dominated by concerns about fiscal and monetary policy on the one hand, and the sub-par growth on the other....

In times of uncertainty and geopolitical tensions, corporate bonds with an investment grade rating are commonly considered as the new safe havens. 

At one end of the spectrum, investors are crowding into popular stocks in sectors such as consumer staples, business services and engineering, pushing their valuations to ever higher levels.

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

Markets have enjoyed a strong start to 2019, with the MSCI World index up over 16% in the first half.

After a spectacular rally that lifted all boats, equity markets have corrected heavily over the past month.

Interview at Investment Week Conference 2019

We are now a decade on from the Global Financial Crisis and special measures, in the form of low interest rates and other stimulus, remain in place across much of the world.

Global macroeconomic indicators have undoubtedly become softer, as the US nears full employment and Europe's manufacturing sector continues to suffer from the effects of weaker trade with China.