Global Value and Income Dispatch

Bifurcation and what the averages dont tell you... 

  • Giorgio Caputo
14 Nov 2019
View PDF   Download PDF  
View PDF   Download PDF  
  • Quality bubbles inflated in equities (only to begin popping in early in Q4); 10-year yields returned almost to their 10-year lows in treasury markets; high yield spreads had a brief panic in August before returning to near their 2019 tights, and when all was said and done Q3 came and went with only modest changes in market averages.
  • The turmoil increasingly is below the surface, and averages told less of the story as we saw sharp bifurcations across asset classes.
  • We don’t know whether a true recession is in the cards (it could be), but we love to get paid for taking risk.


For professional investors only. This document should not be circulated to retail clients. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. Telephone calls may be recorded. Issued and approved in the UK by J O Hambro Capital Management Limited (registered in England No. 2176004), which is authorised and regulated by the Financial Conduct Authority. Registered address: Level 3, 1 St James's Market, London SW1Y 4AH. J O Hambro is a registered trademark owned by and used under licence from Barnham Broom Holdings Limited. JOHCM® is owned by J O Hambro Capital Management

For a better experience, we recommend viewing this website in landscape orientation.