These are interesting, unprecedented and challenging times.  As we perhaps see some light at the end of the COVID tunnel, markets seem more sanguine than they might or perhaps should. However, investment markets are supposed to be proactive, not reactive and after a short, savage period of capitulation the animal spirits seem to have quietened somewhat, which is no bad thing.

It is difficult to know how the pandemic and the reactions to it will change the world that we live in, but that doesn’t stop us from trying.  Some thoughts are in this quarter’s commentary which is longer than usual because there is more to consider than usual.

To help with the understanding of some of the more technical elements of the commentary, we have created a Glossary of Investment Terms which should explain any of the more technical terms contained within the commentary.

Please note that the document is a summary of certain views, which have been discussed at our Investment Strategy Committee meeting.  We are always happy to discuss further anything touched upon or indeed any other investment or economic themes that may concern you.

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