Article written by Devon Funds – July 2020

Value Matters

Global equity markets have surged since late March. Against a backdrop of improving economic outcomes and unprecedented levels of policy support, the US S&P500 Index has rallied almost 46%, whilst the markets in New Zealand and Australia are up 38% and 31% respectively. Market cycles are always definable by specific factors and influences, but the current experience for investors has a number of particularly unique features. There are none less so than the backdrop of the novel coronavirus, but what is also fascinating about the environment today is the dominance of “growth” stocks relative to “value” stocks and the very narrow set of shares that are ultimately driving overall market returns…

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