2018 has been a choppy and volatile year to-date with investors patience and nerves being constantly tested. In the era of 24 hour news, many investors are being influenced by so many negative headlines with knee jerk reactions. Yet markets and stock prices are climbing the “wall-of-worry” as corporate earnings continue to grow at a double-digit rate, economic growth remains healthy and corporate balance sheets are strong, with many management teams having generally positive forward guidance. These factors should propel stocks higher through the end of the year, but we are aware that the investing landscape has turned more volatile in the past six months, a trend we expect to persist. Stocks do not just go up in a straight line forever. Periods of weakness and volatility will occur, and in our view these periods represent an opportunity as long as the fundamentals remain healthy.
Heward Global Leaders Fund: Investment Summary August 2018