Senior Portfolio Manager, Matt Day, discusses Mondrian’s real yield approach to identify dislocations in bond markets and the current opportunity for active bond positioning.
Against the US dollar, the Japanese yen is at a 24-year low. Over the same period, the domestic purchasing power of the dollar has almost halved, whilst that of the yen has barely moved.
In 2022, as the Fed started to tighten, the powerful rally in equities came to an end, and investor confidence in growth stocks has been eroded away.
While the year’s weakness had initially been concentrated among the most speculative assets – including meme stocks, cryptocurrencies and special purpose acquisition vehicles – this sell-off became more broad-based in the second quarter.
Over the last few months, we have written extensively, and discussed at length with clients and consultants why we thought China was arguably the most attractively valued emerging market, if not global market.
Morningstar has awarded the Mondrian International Value Equity Fund a Morningstar Analyst Rating of Silver and maintains its 4-star Overall rating as of June 30, 2022.
Mondrian is an employee owned investment management firm with offices in London, Philadelphia and Singapore. We are value investors across the globe in both equity and fixed income asset classes. Founded in 1990, we have employed a rigorous fundamental research process that is the foundation of our success. Mondrian’s well resourced investment team manages assets on behalf of over 250 institutional clients.
© 2024 Mondrian Investment Partners Limited is authorized and regulated by the Financial Conduct Authority – Firm Reference Number 149507. All information is as of December 31, 2023 unless otherwise noted.
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