Bank runs, stubborn inflation and a brace of interest rate rises made for a busy start to 2023. Three US regional banks crumbled in quick succession and Credit Suisse later collapsed too.
Inflation has fallen, but remains much higher this side of the Atlantic. Unexpectedly strong employment and wage growth are fuelling concerns about inflation’s stickiness, but also raise hopes of a ‘soft landing’ (no recession). Bond markets have yo-yoed given uncertainty about when rates will peak. Global stocks have powered ahead, driven by the seven US tech giants.
Most western economies are holding up better than many feared, but it’s a different story in China where GDP is slowing sharply and deflation (falling prices) looms.
Our managers explain how they are navigating current challenges and opportunities, outlining fund performance, positioning and what they believe lies ahead.
We trust these insights will help you assess the role our funds can play in your investment propositions and client portfolios.
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