The quarterly newsletter from PSG Asset Management.
In this edition, we take a closer look at the profound effects COVID-19 have had on local and global markets. Global policy responses to the virus have come at a severe cost to the real economy, as whole sectors have shut down or have had their activities severely curtailed. Share prices were decimated across the board, and many already cheap shares became even cheaper. In the midst of the currently high levels of uncertainty, we constantly remind ourselves of the importance of focusing on the factors we control – like how we apply our processes and when we buy and sell shares. We have found that opportunities continue to abound for patient investors who invest the time in thorough analysis and considered decision-making.
There are always opportunities for patient investors
2020 will undoubtedly be remembered as a watershed year in the history books. The COVID-19 pandemic has derailed markets across the board. Moreover, the pandemic itself is raising questions about the viability of many industries and business models which have in the past been part of our everyday lives. ... Read more
COVID-19: Answering our clients’ questions in the world of elevated uncertainty and poor returns
The impact of the COVID-19 outbreak on the global economy and financial markets has been severe. The scale of the sell-off, spike in volatility and subsequent rally illustrate just how challenging the environment is as investors grapple with a very wide range of potential outcomes. ... Read more
The opportunity in the COVID-19 storm
The COVID-19 outbreak has plunged the globe into chaos. We are in uncharted territory, from both a societal and financial market perspective. The policy response to the virus has come at a severe economic cost, with a collapse in demand and extensive disruption to supply chains. ... Read more
Navigating the storm in fixed income markets
The COVID-19 outbreak translated into broad-based weakness in emerging market assets as the outlook for global growth and the appetite for risk assets swiftly deteriorated. This resulted in a tough period for our clients, as we have favoured hard-hit nominal government bonds over other areas of the fixed income market. ...
Portfolio Holdings as at 31 March 2020
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Performance to 31 March 2020
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Unit trust summary
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PSG Angles and Perspectives: Q1 2020 (pdf)
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Archive of previous editions
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