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C WorldWide Investment Report – Q2 2020

Global Equities

BNP Paribas Asset Management

C WorldWide’s overview on Global Equities, insights on why finding compounders is the holy grail of investing, how a short-term value bounce ignites a long-term debate and more…

Central banks and governments have gone all in to fight the current COVID-19-led recession. A record amount of support has been added and the excess liquidity has fuelled most asset prices. The pandemic-induced lockdowns have caused most companies to downgrade earnings forecasts, but equity investors have been willing to look through this and also the rising trade tensions between the USA and China. Central to this development has been the gradual reopening of countries and states around the world, and the hope and belief that a vaccine is forthcoming.

In the quarter, the strategy’s return increased 5.8% (AUD), while the MSCI AC World Index increased by 6.0%. During 2020, the strategy has managed to weather the pandemic well with a return of 3.9% versus the MSCI AC World which fell 4.3%. A key driver of this outperformance has been the strategy’s exposure to leading IT companies that are in a strong position to grow even in the age of the coronavirus epidemic.

Report Highlights

  • Global Equities: Expectations – Bo Knudsen, Managing Director and Portfolio Manager
  • The Anatomy of a Compounder – C WorldWide Asset Management Investment Team
  • Fragmenting Supply Chains & the Rise of the Robots – Morten Springborg, Global Thematic Specialist
  • A short-termvalue bounce ignites a long-term debate – David Rindegren, Portfolio Manager
  • Europe at a Crossroad – Morten Springborg, Global Thematic Specialist
  • C WorldWide Global Equities ex. Tobacco – Second Quarter Commentary

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