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Latest reflections

Latest reflections from the JOHCM Global Opportunities team.

  • Ben Leyland
  • Robert Lancastle
28 Jul 2021
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View PDF   Download PDF  
  • The cyclicality of the portfolio has waxed and waned over the period, led by valuation and without sacrificing our quality requirements. At the same time, we have found ourselves able steadily to raise the structural growth potential of the portfolio by adding a variety of new names.
  • It does seem clear that from a macroeconomic perspective we are moving into the mid cycle phase, in which the focus turns to the timing and pace of interest rate rises and during which market leadership broadens out and becomes less predictable and more idiosyncratic.
  • From our perspective, this offers hope that the underlying quality and growth of the companies in our portfolio will be recognised. The last such phase, roughly from 2012-16, was a period of very strong relative performance for the strategy.
  • We are actually more enthusiastic about the underlying growth prospects for our portfolio than we have been for some years.

Disclaimer

For professional investors only. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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