Update from the CIO

 

Welcome to the CIO blog

Today we reported an NTA of $3.01, up from $2.94 last week, and the stock is trading around there this morning. 

For the last week Nufarm (+7.8%) and DocuSign, Inc (+6.1%) have been our best performers while Reece (-2.8%) has lagged.

With reporting season both here and in the US now complete, investors now have more information about the financial health of their companies, and prices are reacting accordingly. As always, no portfolio is immune to macroeconomic announcements, and with new tariffs taking effect today, global markets remain nervous. The flight to safety (i.e. government bonds) continues, with now over $17 trillion (or 30% of investment grade securities) invested in negative yielding bonds. 

We are pleased with the report cards from our companies, and where there has been less optimistic guidance delivered to the market, our recommending managers remain comfortable in their investment theses, seeing current issues as more transitory than systemic.

Have a good week.