Under the Bonnet
Reflections on 2020 from the JOHCM UK Dynamic team.
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Alex Savvides
- Underperformance in 2020 was as much about a lack of enough notable winners as it was about the presence of outsized losers in a market that saw 20-year highs in stock price valuation dispersions.
- This does not mean the Fund’s future winners have not already been plotting their path to success.
- The Fund’s outperformance in Q4 demonstrated that momentum has already begun to rebuild and, most notably, that the undue under-valuation of good companies cannot go on ignored.
Disclaimer
For professional investors only. 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. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
