Recent moves towards a retreat from globalisation do not demand a concomitant retreat from global equities. Setting aside any arguments about the broader geopolitical wisdom of greater isolationism, our objective view is that a comparative increase in market disintegration simply presents new and different opportunities for sophisticated investors.
We explain why this is so and aim to demonstrate how the investment philosophy we have championed in the past – one rooted in qualities such as imagination, creativity and rigour – should continue to deliver benefits in a world in which nationalist and protectionist policies have a more profound influence.
We do not presage a return to the full-blown tariff wars and consequent destruction of trade that accompanied the Great Depression of the 1930s. We do, though, acknowledge the emerging anti-globalisation sentiment shaping events in Europe, the US and elsewhere; and we make the case for confronting the challenges it brings with an investment approach defined by ingenuity and optimism rather than by inflexibility and fear.
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