Senior Portfolio Manager, Nigel Bliss, reviews Q4 2023, our investment performance and provides an outlook for the opportunities ahead.
To date, it would be fair to say that the resilience of economies and of the broader financial system to the breakneck speed of monetary tightening has come as a positive surprise.
Only the second time the USD has been over 2 standard deviations overvalued, If history is any guide, the dollar could have much further to fall, boosting the return on unhedged
global bonds vs US domestic bonds.
To date, it would be fair to say that the resilience of economies and of the broader financial system to the breakneck speed of monetary tightening has come as a positive surprise.
The start of the year brought with it renewed optimism about Emerging Markets (EM), given the re-opening of China’s economy. However, markets retraced somewhat as the geopolitical backdrop remained challenging.
After a challenging few years, Russia’s invasion of Ukraine in February made it clear that 2022 would not mark a return to the low interest rate and low volatility, post-GFC paradigm.
Mondrian is an employee owned investment management firm with offices in London, Philadelphia and Singapore. We are value investors across the globe in both equity and fixed income asset classes. Founded in 1990, we have employed a rigorous fundamental research process that is the foundation of our success. Mondrian’s well resourced investment team manages assets on behalf of over 250 institutional clients.
© 2025 Mondrian Investment Partners Limited is authorized and regulated by the Financial Conduct Authority – Firm Reference Number 149507. All information is as of December 31, 2023 unless otherwise noted.
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