Investment Update - June 2020

Rezco Asset Management hosted an investment webinar on 22 June 2020, with Chief Investment Officer Rob Spanjaard, Co-Portfolio Manager and Head of Research Simon Sylvester, and Head of Distribution Brian du Plessis presenting views on june 2020. As a South African asset manager, Rezco explains how macro conditions, valuation and risk control shape unit trust and segregated portfolio decisions.

What this webinar covers

This webinar replay covers June 2020 and how Rezco interprets current markets for clients seeking risk-adjusted returns. The session focuses on Rezco Global Equity Fund, Rezco Multi-Asset funds, Rezco SA Equity Fund and related portfolio themes. So QE doesn't, if QE doesn't create significant and profound economic growth, you don't get compounding earnings in in equity prices, in in companies.

Key themes discussed

• South African macro and politics
• US elections and policy
• bear markets and recessions
• emerging markets
• gold and precious metals
• government bonds
• Donald Trump
• Joe Biden

Macro and market context

And normally with parts of inflation, initially equity prices fall a lot because you've gotta start putting up interest rates. The big risk, and you'll see if you actually read the details, when the US Fed speaks the biggest risk about these low interest rates, they worry a little bit about inflation.

Companies, sectors and ideas mentioned

• Berkshire Hathaway
• Microsoft
• Donald Trump
• Joe Biden
• Federal Reserve
• Warren Buffet
• Benjamin Graham
• Warren Buffett
• Dave Portnoy
• Daily Day Trader

Rezco's risk and portfolio views

And you can see that, volatility didn't give you any signals going into it, but you just have this massive drawdown and that's the type of risk we worry more about. And you can see we've tried to balance the, avoiding the big risk drawdowns in a previous presentation. So QE doesn't, if QE doesn't create significant and profound economic growth, you don't get compounding earnings in in equity prices, in in companies.