TAMAC Global Managers September Review

There has been a continued slowdown in global economic data in September amidst an uncertain trade outlook, offset by further monetary easing from the US and Europe. The US Federal Reserve cut interest rates for a second time this year and the European Central Bank restarted their QE programme and cut rates further into negative territory. The fundamental growth outlook however remains largely positive; the Fed for example highlighted that the U.S. economy is enjoying solid growth (+2.3% in Q2) and a continued strong labour market (unemployment below 4%).

Investors returned from their summer holidays in a bullish move and the MSCI World Index rose 2.93% in September, flat across the quarter. Whereas the fund selectively deployed some of its cash into areas of the equity market we view as offering attractive growth opportunities, our cash position remains elevated as we anticipate attractive entry points going forward.