Die Preismacht ist eines der wesentlichen Merkmale hochwertiger Kapitalvermehrer. Ein wichtiger Unterschied zu zyklischen Unternehmen besteht in der Fähigkeit der Kapitalvermehrer, auch bei sinkender Nachfrage Erträge zu sichern.
High grade fixed income plays a special role in managing risk because it tends to be a safer, more liquid and less volatile asset.
In many ways, October was a continuation of the developments that started in September. Government bond yields rose on better (although still far from good) economic news; political risks receded further as significant negatives (i.e., the U.S./China trade dispute and Brexit) eased.
Is it possible to generate attractive returns in today’s uncertain economic and political environment? We think so.
The auto industry is critically important for the global economy, but it has seen a disruptive slide: global registrations, demand and production have slumped.
A bit of optimism and sticker shock arrived in September. After exceptional performance in August, September proved much more challenging as news flow turned less dire (although not necessarily positive) and government bonds were no longer so attractive.
Plastic is high on the corporate agenda. We reviewed our holdings to evaluate how this topical issue might influence the sustainability of company returns on operating capital, which is how we assess material risks and opportunities on any environmental, social and governance (ESG) issue.