November again saw positive equity market performance, led by constructive noises from the USA-China trade talks. Global equities rose with the USA market showing particular strength while emerging markets were relatively weak. The Global Equity Income portfolio returned 1.5% during the month. This is in-line with global high dividend income benchmarks.Trading activity was limited and there was little noteworthy at a stock level during the month.
As things turn festive it is natural to look forwards to the year ahead. Many commentators have for the last few years expected lower amounts of share price appreciation based on how far markets have moved since the financial crisis. They have generally underestimated returns. The interest rate environment has moved to be “lower for even longer”. This suggests to our Global Equity Team that the market will remain supportive for equities. We continue to be selective about our exposures in order to avoid areas of obvious over valuation. All bull markets do have an end, but the quality companies that the strategy invests in ought to participate somewhat in the gains, but be relatively defensive in the event of an unexpected sell off.
The Global Equity Income Strategy aims to provide a yield 130-150% of that of the global index while providing sleep-at-night market exposure.
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