Cyclical and structural opportunities
US equity markets have had their worst quarter since 2008.
Asia was first into the coronavirus crisis, with China officially reporting cases in mid-January, but it is showing encouraging signs that it may be the first to emerge from it.
Investors are grappling with the huge uncertainty caused by the global Covid-19 pandemic. The human and economic impact has been dramatic, both in its magnitude and in its velocity.
The speed and scale of the market decline has been the defining feature of this market downturn, although this has been matched in unprecedented rapidity of response by both central banks and governments.
Following the unprecedented falls across all financial markets in recent weeks, the safest government bond markets have had to become cash vaults for fund allocators trying to raise the liquidity needed to plug the fast-growing holes left by the equity,...
At the time of writing, UK equity benchmarks have fallen by approximately one-third from their year-to-date highs.