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The COVID collapse and policy response have profoundly affected our strategic return estimates, asset allocation strategy, portfolio construction, and tactical market recommendations. We are entering a new economic cycle and this demands a new approach to investing.
Our key investment themes and recommendations have performed well amid COVID-19. We continue to emphasize their long-term importance to portfolios.
Holding excess cash is a costly strategy in today’s ultra-low interest rate world. Instead, we see various opportunities to put cash to work and seek yield, while also diversifying portfolio risks.
While economic shutdowns represent a widespread threat to dividends, the value of dividends and the companies that can sustain them has risen. We favor companies from certain industries that combine solid track records of dividend growth and resilient business models.
As economic and financial stress mounts, opportunities for high quality private equity, real estate, and hedge fund managers typically multiply. The best managers possess the discipline, deep knowledge and ready cash to exploit them.
With market volatility likely to persist, families are seeking strategies that seek to generate income from such conditions as well as the potential to buy equities at lower levels.
We expect to see continued, compelling performance from top-performing ESG companies not only as the pandemic plays out but for generations to come.