By: Graham Wainer
Top five client questions answered
As we approach the final months of 2020 the pre-COVID world feels like a distant memory. Daily life has changed considerably, with millions of people still living under severe restrictions.
Equity markets, at first glance at least, seem indifferent. The MSCI All Country World Index is up 1.4% for the year - unthinkable back in late March when markets bottomed at -33.6% from the peak.
In last quarter’s House View we highlighted some of the reasons for this strong market recovery. In particular, the dominance of mega-cap technology stocks, which sit at the top of market indices and have proved extremely resilient to this crisis.
Consumer behaviour has shifted in a way that benefits the likes of Apple, Amazon, Netflix and Microsoft. In addition, fiscal and monetary stimulus has been vast and rapidly deployed, injecting liquidity into the financial system and supporting risk appetite.
During these unprecedented times, we felt a slightly different approach to our quarterly update was warranted. Instead of the usual House View format, we have focused on answering five of the most common questions we are asked by our clients:
Read our full quarterly investment letter here.
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