The period to end October 2021 has seen rising equity markets, rising inflation expectations, increased economic growth risks, increased geopolitical risks, and volatile and rising global bond yields. The funds have underperformed over this period but our conviction remains high that equities and long term bonds carry substantial risk of capital loss in the short term.

This note will outline how we view the current situation, how we think markets and economies will play out going forward, and then some forward looking comments on fund positioning.

Before digging into the details, we think it is worth considering an aspect of our investment philosophy around managing risk through the cycles…

Read the full article here: Q3 2021 Newsletter