Ann: 2022 Full Year Results - Investor Presentation, page-14

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03/03/23

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Post #: 66582188
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Originally posted by saintex: ↑

"The Wizard Of Odd(s)

Managing investment portfolios requires judgment and an understanding of the odds.
While we do not allocate capital on a top-down basis, paying attention to macroeconomic data is often a useful risk management tool. Fund managers who “don’t do macro” face a higher probability of subpar returns, in our opinion. To improve the odds of meeting our investment objectives, we believe we must assess the global landscape, not just a narrow sphere.

In our non-US portfolios, we remain underweight China and overweight Brazil. This positioning contributed to our outperformance in the first three quarters of 2022 but detracted in the 4Q period as China relaxed its zero-COVID policy and its equity market rallied while Brazil sold off on the election of a leftist president. We continue to like the odds in Brazil as we have identified certain names expected to generate higher earnings growth at lower valuations than we are finding elsewhere.

In the US, we are underweight technology. With lofty sales expectations but slowing IT budgets, returns in that space could be disappointing.
As with our underweight to China, our underweight to US technology is indicative of our murky outlook for earnings where we believe the odds are not in our favor.

At GQG, we believe the trajectory, sustainability, and durability of earnings are crucial and we remain overweight energy, consumer staples, and healthcare. We like building portfolios consisting of steady-eddy compounders, what we like to call “mom and apple pie investing”, as long as they can be bought at sensible prices.We have “calculated optimism” for the new year as change begets opportunity and we expect that 2023 will have plenty of change in store."
(source : GQG Partners website)

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Last $2.90		Change 0.050(1.75%)		Mkt cap ! $8.564B

Open	High	Low	Value	Volume
$2.89	$2.95	$2.83	$5.675M	1.961M

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No.	Vol.	Price($)
2	4761	$2.88

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Price($)	Vol.	No.
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No.	Vol.	Price($)
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8	59633	2.850
4	26796	2.840

Price($)	Vol.	No.
2.910	4761	2
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Ann: 2022 Full Year Results - Investor Presentation, page-14

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Ann: 2022 Full Year Results - Investor Presentation, page-14

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