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| Manager | |
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| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
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| Fund Overview | |
| Manager Comments | Spectrum noted November was a month beset with collapsing equity prices, falling oil prices, widening credit spreads, slowing global growth and falling government bond yields. Their view is that this weakening is outpacing the deterioration in fundamentals which is leading to the emergence of value. In addition, Spectrum believe a theme of growing importance is the realisation that accommodative monetary policy has or is about to reverse, which they noted could have an adverse effect on companies that 'gorged' on cheap debt. This in turn could lead to significant pricing risk to lower rated investment grade bonds should they slide into non-investment grade status; Spectrum highlight General Electric as a candidate for junk status. Domestically, Spectrum point to Australia's credit issues as well as the impact on the economy being caused by drought, weak commodity prices and a deteriorating residential property market. Their view is the domestic residential property market remains vulnerable to further deterioration, hence their cautious portfolio construction in this environment of heightened uncertainty. |
| More Information |
