CHAIRMAN S STATEMENT Markets have been dominated by the response to the pandemic through both fiscal stimulus and very loose monetary conditions. In general, these policies have been very positive for risk assets like equities. More recently, as the end of the crisis has become more visible, the expectation of a surge in economic activity has unsettled bond markets and been to the benefit of more cyclical markets and sectors, where earnings momentum is likely to be strong. The portfolio positioning reflects these shifting sands, while recognising that government policies still provide a tailwind. Managed Growth The objective of the Managed Growth share class is long term capital growth. In the six month period, the portfolio outperformed its benchmark and delivered a total return on net assets of 15.5%, compared with the portfolio s benchmark which returned 9.9%. The share price total return was 20.4%. The long-term performance of the Managed Gro
Fear has gripped global stock markets this week, hitting the tech shares that were everybody s darlings.
These tremors will heighten the scrutiny of this sector, which has expanded to encompass not just groups at the cutting edge of software and hardware, but also companies in media, show business and electric trucks.
Do companies in these categories deserve the tech stock definition and the hefty valuation it still brings, even taking into account the latest falls?
Netflix may be one of the Fanmag grouping (with Facebook, Apple, Microsoft, Amazon and Google). However, Netflix is now calling itself an entertainment business, perhaps in tacit recognition that it is more Hollywood than Silicon Valley.
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Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
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Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;