The Harbour Outlook summarises recent market developments, what we are monitoring closely and our key views on the outlook for fixed interest, credit and equity markets.

Key points

• Share markets continued their new year rally, aided by positive noises from trade negotiations and further dovish rhetoric from the US Federal Reserve (the Fed)
• Economic data released during the month continue to portray lower economic activity, especially in Europe and China, […]
  

Here are the February 2019 Fund Factsheets for the:

• Salt NZ Dividend Appreciation Fund
• Salt Enhanced Property Fund.

Following up on a recent visit to Australian and New Zealand, Jack McIntyre, Portfolio Manager for Brandywine Global penned the attached commentary which I hope you find helpful as we watch some of the key Geo-political issues near their end.

Ethical Investing in Focus

Recent weeks have seen two successful investor engagements with large mining companies. Climate Action 100+, of which Morphic is a founding signatory, has been coordinating collective engagement with the world’s largest carbon-emitting listed companies. Glencore and Rio Tinto announced improved commitments to their climate-related responsibilities including greater focus on the commodities required to meet the needs of a lower carbon world, renewed emissions targets and improved reporting. […]

” Earth’s global surface temperatures in 2018 were the fourth warmest since 1880 ”

Market Commentary

Warming: Our planet is warming. According to NASA and the National Oceanic and Atmospheric Administration, 2018 was not far off 1 degree Celsius warmer than the average temperature for 1951 to 1980. 2018 was cooler than 2016, 2017, and 2015 – but the past 5 years are the warmest since modern records have been kept. It’s much […]

Market Overview

February was another strong month for markets with the NZX50 rising 3.8%. While this once again under performed Australia (200 Industrial Index +6.0%), it was ahead of the US (S&P500 +3.2%) and other world indices (up around 2% to 3%). Markets were generally upbeat as rhetoric from the US Federal Reserve was relatively dovish, and the trade talks between China and the US appeared to be making progress.

February was […]

Here is a copy of the presentation, including a separate audio file, from the recent Nikko AM NZ Equity team update:

• The presentation

Morphic’s Managing Director Jack Lowenstein was featured in the Sydney Morning Herald to discuss the new impact of activist short sellers.

Read the article >

Many readers will by now know of FOMO – the fear of missing out – the social media phenomenon, where, to quote Wikipedia, there is “a pervasive apprehension that others might be having rewarding experiences from which one is absent”. Instagram and Facebook have magnified this feeling, as one can now see all their “friends” having a good time without them.

I suffer from FOMO, much to my wife’s annoyance, having dragged her out of a perfectly […]

The full fund update is available here.