Entering 2020 there were a variety of indicators—including massive sovereign and corporate debt balances, the continued debasement of man-made money, and heightened political tensions.
While it’s true a large proportion of the “new economy” names that dominated markets in recent years call the US home, there is no shortage of companies worldwide whose combination of scarce assets
Portfolio Managers Matthew McLennan, Kimball Brooker
The emergence of the novel coronavirus and the economic impact of efforts to contain its transmission led to a deep, sharp repricing of risk assets during the first quarter as liquidity concerns emerged across financial markets. The first-quarter market rout began as a typical flight to safety, with risk assets declining sharply while traditional safe havens rallied.
The price of gold was volatile in a momentous first quarter that saw both the emergence of a global health crisis and a significant correction in global equity markets, though the metal very much served its purpose as a potential hedge against extreme outcomes.
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