05
May 2023
Welcome to the latest edition of the Angles & Perspectives
PSG Asset Management
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
Kevin Cousins, Head of Research
PSG Asset Management
Ané Craig, Assistant Fund Manager
PSG Asset Management
Lyle Sankar, Head of Income
PSG Asset Management
John Gilchrist, Chief Investment Officer
PSG Asset Management
In this edition, we consider the fault lines that have started to emerge globally and their implications for investor portfolios. Head of Research Kevin Cousins urges investors to think about risk more holistically and avoid the knee-jerk reaction of buying the previous regime’s winners, which relied on periods of inflation suppression. Assistant Fund Manager Ané Craig and Head of Fixed Income Lyle Sankar share their insights into how our globally integrated process is implemented in our fixed income portfolios, and lastly, Co-CIO John Gilchrist explains how we find opportunities as these rifts emerge.
Angles & Perspectives Q1 2023
In this edition, we consider the fault lines that have started to emerge globally and their implications for investor portfolios. Head of Research Kevin Cousins urges investors to think about risk more holistically and avoid the knee-jerk reaction of buying the previous regime’s winners, which relied on periods of inflation suppression. Assistant Fund Manager Ané Craig and Head of Fixed Income Lyle Sankar share their insights into how our globally integrated process is implemented in our fixed income portfolios, and lastly, Co-CIO John Gilchrist explains how we find opportunities as these rifts emerge.
Introduction
Anet Ahern
CEO, PSG Asset Management
Building on fault lines
Kevin Cousins
The benefits of a globally integrated fixed income process
Ané Craig and Lyle Sankar
Identifying potential as fault lines begin to show
John Gilchrist
Portfolio holdings as at 31 March 2023
Click here to view the portfolio holdings of the funds to 31 March 2023
Performance to 31 March 2023
Click here to view the performance of the funds to 31 March 2023
Unit trust summary
Click here to view a summary of the unit trusts
Recommended news
Introduction - Angles & Perspectives Q1 2022
Our differentiated perspective allows us to look beyond the prevailing narratives. In the past, we have elaborated on how market narratives often become an unquestioned underpin for investors’ choices. The antidote, we have long argued, lies in independent thinking, thorough research, and open and honest debate. Sounds simple, doesn’t it? The challenge, however, is that narratives can become entrenched and normalised to such an extent that it can be very difficult to stand against ‘common wisdom’.
Read moreBuilding on fault lines - Angles & Perspectives Q1 2023
In the first article Building on fault lines, Head of Research Kevin Cousins argues that some pockets of risk are being exposed as interest rates rise and macro volatility increases. However, these events are most likely symptoms of the deeper underlying problem built up over the long period of low rates and suppressed economic volatility. In the decade-plus hunt for yield, very substantial duration risk has been accumulated across the financial system. We liken this to, for example, building cities in a flood zone because the last disaster was so long ago, its consequences have been forgotten.
Read moreThe benefits of a globally integrated fixed income process - Angles & Perspectives Q1 2023
In the second article, Assistant Fund Manager Ané Craig and Head of Fixed Income Lyle Sankar explore our globally integrated approach to fixed income investments. Looking at investment opportunities through a global lens improves our understanding of the potential range of outcomes, both negative (the left tail) and positive (the right tail). There seems to be significant complacency in local fixed income markets, which presents an opportunity to enhance risk-adjusted returns and add to portfolio diversification through a global approach.
Read moreIdentifying potential as fault lines begin to show - Angles & Perspectives Q1 2023
In this article, Co-CIO John GiIchrist explains why we remain positive about our portfolios’ ability to generate appealing long-term returns despite the currently gloomy macro backdrop. We believe the current challenges obscure the opportunities available in large parts of global markets to buy quality stocks at extraordinarily low prices. The catch, however, is that you have to be prepared to take a differentiated view and invest in areas of the market the majority of investors have shunned over the past decade.
Read more
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