Market Commentary

Quarterly Telescope June ’19

Welcome to the first publication of our QUARTERLY TELESCOPE. We hope these quarterlies provide you with greater insight into our thoughts on global assets, as well as how our global funds are being managed. In this quarter’s brief, Pieter Hundersmarck explains how we use international research trips to source ideas for our funds, as well … Continued

Q1 2019

Strong quarter for global equities  After the disastrous December 2018 quarter (when the all country world index fell by over 13%), the March 2019 quarter staged an impressive comeback, rising by 11.6%. This was the second strongest quarter on record for the global index. The beaten-down Chinese market led the bounce, rallying 17.7%, with the US … Continued

Q4 2018

A year to forget The past year has been one of the worst for global markets. The world index suffered its heaviest decline since the great recession: down over 11% (but 17% from its January high!). The robust earnings growth went largely unrewarded on concerns that the longest bull run in history would soon end. … Continued

Q3 2018

Current Environment As September marked the 10th anniversary of Lehman’s collapse, there was widespread commentary on the likely source of the next crisis. While opinions varied significantly, the consensus view was that it was impossible to predict: like the ‘sucker punch’ in boxing, it’s the one you don’t see that gets you. While recognising that … Continued