We're pleased to share First Eagle Reflections.
The coronavirus outbreak represents a significant shock to both supply and demand in China and is likely to have repercussions for both Chinese and global economic growth.
Portfolio Managers Matthew McLennan, Kimball Brooker
Global equity markets ended a robust 2019 on a high note, with a strong fourth quarter rally adding to already impressive yearto- date gains. Performance over the last several months of the year was driven mainly by sectors of the market, such as technology and health care, thought to have good long-term growth prospects.
In fixed income markets, solid fourth quarter returns capped off what was a remarkable year across the complex. As in the equity markets, the credit rally appeared buoyed by central banks’ return to highly accommodative policy, which repressed volatility and supported bond returns across the quality spectrum.