InvestNow News – 7th August – Devon Funds – Monthly Report: July 2020
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…
Devon Funds Management Limited, its directors, employees and agents believe that the information herein is correct at the time of compilation; however they do not warrant the accuracy of that information. Save for any statutory liability which cannot be excluded, Devon Funds Management Limited further disclaims all responsibility or liability for any loss or damage which may be suffered by any person relying upon such information or any opinions, conclusions or recommendations herein whether that loss or damage is caused by any fault or negligence on the part of Devon Funds Management Limited, or otherwise. This disclaimer extends to any entity which may distribute this publication and in which Devon Funds Management Limited or its related companies have an interest. We do not disclaim liability under the Fair Trading Act 1986, nor the Consumer Guarantees Act 1993, to the extent these Acts apply. This document is issued by Devon Funds Management Limited. It is not intended to be an offer of units in any of the Devon Funds (the ‘Funds’). Anyone wishing to apply for units will need to complete the application form attached to the current Product Disclosure Statement (PDS) which is available at www.devonfunds.co.nz. Devon Funds Management Limited, a related company of Investment Services Group Limited, manages the Funds and will receive management fees as set out in the PDS. This document contains general securities advice only. In preparing this document, Devon Funds Management Limited did not take into account the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your financial adviser. No part of this document may be reproduced without the permission of Investment Services Group.
InvestNow News – 7th August – Devon Funds – Monthly Report: July 2020
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…
Devon Funds Management Limited, its directors, employees and agents believe that the information herein is correct at the time of compilation; however they do not warrant the accuracy of that information. Save for any statutory liability which cannot be excluded, Devon Funds Management Limited further disclaims all responsibility or liability for any loss or damage which may be suffered by any person relying upon such information or any opinions, conclusions or recommendations herein whether that loss or damage is caused by any fault or negligence on the part of Devon Funds Management Limited, or otherwise. This disclaimer extends to any entity which may distribute this publication and in which Devon Funds Management Limited or its related companies have an interest. We do not disclaim liability under the Fair Trading Act 1986, nor the Consumer Guarantees Act 1993, to the extent these Acts apply. This document is issued by Devon Funds Management Limited. It is not intended to be an offer of units in any of the Devon Funds (the ‘Funds’). Anyone wishing to apply for units will need to complete the application form attached to the current Product Disclosure Statement (PDS) which is available at www.devonfunds.co.nz. Devon Funds Management Limited, a related company of Investment Services Group Limited, manages the Funds and will receive management fees as set out in the PDS. This document contains general securities advice only. In preparing this document, Devon Funds Management Limited did not take into account the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your financial adviser. No part of this document may be reproduced without the permission of Investment Services Group.
