The US is still perceived as a ‘safe haven' during times of turmoil, as demonstrated by the rally in the dollar and treasuries over the summer.
Clearly the long-term structural deficits need to be addressed but the underlying strengths of the US economy include, but are not limited to, its fiscal union, demographics, and globally competitive industries that are unparalleled around the world. The environment is one littered with potential pitfalls. However, it is also ripe with opportunities for the active investor to sift through the noise and find opportunities may be overlooked; by a market focused on day-to-day political and macro news flow. During the third quarter, the cyclical exposure to the portfolio was reduced, a...
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