Polity is undergoing significant changes, including trade restrictions and the withdrawal of support for global initiatives and institutions. Behavioural implications are slower global growth, diverted capital flows and elevated risk premia, all reducing future returns.
Nine years after the Global Financial Crisis, we are seeing signs of improving growth and inflation, supporting a risk-on approach in our House View. However, central bank policy has impacted the political and investment landscape in profound ways.
Consolidation in the chemical industry has led some companies to overpay for new growth, while for others the ensuing regulatory disposals are rich pickings.
The sweet spot for US autos may soon be in the rear view mirror. However, as the cycle moves into reverse, we expect to see roadblocks and not a car crash
Changing consumption patterns driven by technology have brought new life to the UK logistics sector. We believe in the sector’s favourable fundamentals, with location and asset selection remaining the key to success.