We have not made any significant positioning shifts due to recent market turbulence—most notably, coronavirus concerns. Pullbacks and corrections happen for many reasons, and historically, our team’s patience has been rewarded during these uncertain periods. From a global health standpoint, there is no doubt that the coronavirus warrants deep concern. However, from an investment standpoint, our base case continues to view the coronavirus outbreak as a transitory issue. Moreover, we see the potential for a release of pent-up demand and greater monetary support and fiscal support contributing to a 2H2020 recovery.
Investors can be confident that we are monitoring these developments, and we’re ready to adjust the portfolios if we believe the facts warrant a change. At this time, we believe our current positioning is prudent.
Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. The views and strategies described may not be suitable for all investors. References to specific companies, securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to buy or sell. Investing in non-U.S. markets entails greater investment risk, and these risks are greater for emerging markets. The above commentary for informational and educational purposes only and shouldn’t be considered investment advice.
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