The first half of 2022 saw an extremely challenging environment for investors, with markets battered by multiple headwinds. Rising inflation and slowing growth were exacerbated by the impact of the conflict in Ukraine, while consumer confidence fell as interest rates rose. The rise in inflationary pressures and more hawkish central bank policy triggered a pivot to a clear preference for value at the expense of growth, while markets were driven by style and macro factors and a more short-term outlook, rather than long-term fundamentals. For many professional investors, this market environment has been a new experience. So where are we now and what does the future hold?
Our interim report reviews the first half of the year, outlining our investment philosophy, highlighting engagement highlights and ESG outcomes, as well as providing case studies illustrating how we integrate ESG and engagement into our investment process.