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Ten themes global equities investors should be thinking about in 2024
May 01, 2024
In a new short video, Pendal Global Select portfolio manager CHRIS LEES outlines the themes driving his team’s investment decisions in 2024
- Anti-obesity theme is revealing winners and losers
- Trend from mega-caps to mid-caps
- Find out about Pendal Global Select Fund
THERE are ten major themes driving global equities investing right now, according to Pendal portfolio manager Chris Lees.
In his latest quarterly video (watch below), Chris briefly outlines each theme and how he and Pendal Global Select Fund co-manager Nudgem Richyal aim to take advantage.
Chris and Nudgem remain enthusiastic about the biotech theme, buying a mid-cap stock with positive new drug results in the anti-obesity space.
But he also warns investors to be aware of anti-obesity losers among snacking stocks and consumer staples.
“It’s also becoming bad news for the healthcare sector. So we would expect the healthcare sector to deteriorate to red lights as well.”
Chris sees a tech-driven bull market continuing to broaden away from mega caps into midcaps — a trend he predicted he spoke about in February.
“The technology sector’s got positive fundamentals and positive trend, but it’s now expensive and we would expect other cyclical sectors above it to start improving.”
Chris says he and Nudgem are now “80 per cent bullish and 20 per cent bearish”.
In this video, Chris also outlines three possible scenarios — and their likelihood — going forward.
Watch the video above.
Pendal Global
Select Fund
Something very
different in
global equities
Find out more about Pendal Global Select Fund
About Chris Lees and Nudgem Richyal
Chris Lees and Nudgem Richyal are senior fund managers of Pendal Global Select Fund. The pair have been working together as investment managers for more than 20 years.
Chris has more than 32 years of investment industry experience. He joined Pendal Group’s UK-based asset manager J O Hambro Capital Management (JOHCM) in 2008 after spending 19 years at Baring Asset Management, ultimately as head of its global sector team.
Nudgem has 22 years of industry experience, joining JOHCM with Chris in 2008. He was previously an investment director with the Global Equity Group of Baring Asset Management, where he worked closely with Chris since 2001.
About Pendal Global Select Fund
Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach. It is a ‘quantamental’ fund combining quantitative and fundamental investing with decades of experience.
Instead of following the crowd, portfolio managers Chris Lees and Nudgem Richyal focus on “fat tail” winners in the distribution of stock returns.
These are the long-term compounders, stocks in early-stage growth or those undergoing transformation or recovery.
About Pendal
Pendal is an Australian investment manager focused on delivering superior investment returns for clients through active management.
Our experienced, long-tenured fund managers have the autonomy to offer a broad range of investment strategies with high conviction based on an investment philosophy that fosters success from a diversity of insights and investment approaches.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s most respected active asset management brands to create a global leader in multi-boutique asset management.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at April 30, 2024.
PFSL is the responsible entity and issuer of units in the PFSL is the responsible entity and issuer of units in the Pendal Global Select Fund (Fund) ARSN: 651 789 678. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund.
An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.
This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation.
The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance.
Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections.
For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com
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