North America

Low probability of US 2020 recession

Identifying resilient themes

'WYSIATI' behavioural phenomenon among investors

£43.9bn assets under management in 'dog fund'

Will form new Phaeacian Partners

Commodities reverse outflows

Underweight GBP and EUR

In the US, one exciting opportunity is in sustainable packaging, where volumes are moving meaningfully toward aluminium, which is infinitely recyclable and should have a lower overall life cycle impact compared to plastic.

Recent sharp movements are 'rare'

2019 was marked by US dollar appreciation