We have been too cautious in recent months, reducing equity weightings in a systematic and gradual manner. Growth has been decent in the previous 12 months but headwinds appear to be strengthening and downward revisions to analyst estimates look likely.
In our letter, we detail our outlook and positioning. We focus commentary on a new investment in AO Smith and as well as observing the relative performance of asset classes in inflationary and dis-inflationary periods.
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