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Investment strategy
September 1, 2020
2 mins

“Redefining value” and “Opportunity: Brazil”

September 1, 2020
2 mins
David Bailin
Chief Investment Officer
STEVEN WIETING
CHIEF INVESTMENT STRATEGIST AND CHIEF ECONOMIST
Sun rise in Rio, Brazil
SUMMARY

We interpret value investing given the realities of the 21st century, highlighting Brazil as a key recovery play.


The pandemic will likely abate in 2021 with the arrival of vaccines and treatments. As we have noted, it is time for portfolios to be positioned to take advantage of the likely rebound in many impacted sectors and countries. This week we focus on how to understand Value Investing in todays market and highlight Brazil as a key region with significant recovery potential. Value investing has an 85-year history of outperformance, but its track record has been abysmal since 2009. As companies use technology and software rather than physical assets to invest in their growth, balance sheets are not the sole place to identify value anymore. We suggest four places beyond the balance sheet to help investors identify value in 2020 and to avoid paying too much for it.

Value and Brazil are hand in glove. As the worlds 9th largest economy and a victim of COVID comparable to the US, Brazil offers a compelling investment thesis just now.

The hunt for Value is a global one and the emerging markets are stores of value. With above average growth rates due to an evolving middle class as well as world-class companies and exposure to commodities, we believe Brazil is poised for a rebound in its equity markets.

If you are a Citi Private Bank client you can check the value of your portfolio by reviewing your monthly statements or, if you use Citi Private Bank In View, by navigating to the Account Overview page via Portfolio → Overview. If you have any queries please contact your usual Citi Private Bank representative.
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