We believe that bottom-up, high conviction active managers like Thornburg will continue to perform well relative to the index and passive managers, given the level of dislocation created during international markets’ abrupt decline and sharp rebound so far this year.
We believe our exposure to idiosyncratic, secular growth themes are well positioned to benefit from our new normal environment of working and entertaining from home or at a distance. Market dislocation can be a driver of disruption and innovation as well as providing great opportunities to invest in or add to excellent businesses at attractive valuations.
As we march forward into the second half of 2020, we’ll remain focused on our guiding tenet: only take risk when you are getting paid to do so. In action, this means staying nimble, focusing on horizon risks, appropriately managing liquidity and most importantly remaining humble.
We believe our exposure to idiosyncratic, secular growth themes are well positioned to benefit from our new normal environment of working and entertaining from home or at a distance. Market dislocation can be a driver of disruption and innovation as well as providing great opportunities to invest in or add to excellent businesses at attractive valuations.
In these turbulent times it is our duty to invest prudently, commensurate with our clients’ risk tolerances. We believe the patience we’ve long exhibited will pay-off again, and we appreciate that successful investing is not a sprint so much as a marathon.
A tide of exuberance has washed over the equity market and lifted all boats. We’re confident those in the U.S. Equity’s portfolio are most seaworthy.
As always, our aim is to build a balanced portfolio that can provide stability across EM market cycles.
