Check-in on global equities

hansen-jens

Jens Hansen

  • Managing Director, Chief Investment Officer — Global Equity Team
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Staying true to an investment philosophy can be the key to navigating challenging market cycles. That is the approach that the Macquarie Value Equity team has maintained in its pursuit of providing strong downside characteristics in difficult markets by investing in quality businesses with mispriced earnings power. In this interview, “Check-in on global equities,” CIO Jens Hansen takes a look back at the 2020 down cycle and recovery, his team’s ongoing and latest commitments to ESG, and other issues.

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The views expressed represent the investment team’s assessment of the market environment as of April 2021, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.

IMPORTANT RISK CONSIDERATIONS

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Diversification may not protect against market risk.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

Equity securities are subject to price fluctuation and possible loss of principal. As a class, equities carry higher risks than bonds or money market instruments.

The MSCI World Index represents represents large- and mid-cap stocks across 23 developed market countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The index covers approximately 85% of the free float adjusted market capitalization in each country.

The MSCI World Growth Index represents large- and mid-cap stocks exhibiting overall growth style characteristics across 23 developed market countries worldwide. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

The MSCI World Value Index represents large- and mid-cap stocks exhibiting overall value style characteristics across 23 developed market countries worldwide. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield.

Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

Indices are unmanaged, and one cannot invest directly in an index.