Notes from the Road: Emerging Markets
We were back in Brazil for the first time since 2019.
Insights
Reflections & Insights – Q3 2024
When you write reviews with a quarterly cadence, sometimes it’s hard to think of new things to say. Things go up, things go down, things go sideways, or some variant thereof.
Responsible Investing Report 2023
A summary of our approach to responsible investing, with illustrative examples of how ESG integration and active ownership activities are conducted at our firm.
Reflections & Insights – Q2 2024
‘Pessimists sound smart. Optimists make money.’ This quotation has turned out to be prophetic, at least over the past quarter. There wasn’t any point agonizing about geopolitics or how expensive markets were; it was futile worrying about the path of interest rates or inflation. All you had to do was buy stocks exposed to artificial intelligence (AI) and weight loss drugs; this was a policy which took you to the US and (to a lesser extent) to Denmark.
Emerging Markets Outlook – More dragging in the Year of the Dragon?
In what has become a common refrain, Emerging Market (EM) equities once again found themselves lagging behind their Developed Market (DM) peers over the last calendar year.
Emerging Markets Annual Letter 2023
2023 marks the seventh full calendar year for the UCITS version of our emerging markets equity strategy.
Reflections & Insights – Q1 2024
You can never erase your digital footprint. With that in mind, we thought it might be worth revisiting the prognostications of this review at the beginning of 2023. It is a cause of regret that, while broadly correct, we were not banging the drum for risky assets. That would have been the right call, as most equity and bond markets had a very good 2023.
Reflections & Insights – Q4 2023
When you write a review with a quarterly cadence, the onus is on you to produce something new, even when the landscape hasn’t changed that much.
Video Update: GuardCap Global Equity – October 2023
In his latest review, Michael Hughes discusses how cyclical influences may dampen economic growth next year. In contrast, when markets have factored in a slightly difficult outlook (as they did over Q3), the Fund’s stocks have tended to outperform, as changes in the economic outlook do not greatly influence these companies’ earnings. He wraps it up with a quick overview of a recent study that suggests that artificial intelligence could raise annual global GDP by around 7%.
