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JANA places significant value on our research programme. This includes encouraging and supporting our consultants to spend focused research time visiting the best and brightest global investors in their offices in order to glean valuable investment insights for the benefit of our clients.
One such recent research trip was carried out by Matthew Gadsden, Senior Consultant and Head of JANA’s Global Equities Research Team, and Greg Wilkinson, Senior Consultant, for three weeks commencing in late October 2018. During this trip Matt and Greg visited in excess of 45 global equity managers in Denmark, London and the US cities of New York, Stamford, Boston, Washington DC and Denver. They were joined by John Coombe, Principal Consultant, for some manager meetings in London and New York. The purpose of the research trip was:
While a number of idiosyncratic issues emerged during the trip, some key common themes included the following:
In several meetings we asked managers what “keeps them up at night from an investment perspective”. The following were a few of the key responses which provides some food for thought (note the relatively frequent response of ‘geopolitics’).
Understandably geopolitics, and more pertinently global trade tension, is a common theme in investment markets. With the help of T. Rowe Price Matt and Greg met with the Former Assistant Secretary of Commerce for Enforcement at the United States Department Of Commerce, Paul Piquado, to discuss considerations around the US / China trade dynamic. The most noteworthy points included:
In summary: Trade implications are likely to get worse in the short term and trade rhetoric is likely to continue for some time.
Please contact your JANA consultant should you wish to consider the contents of this note further.
JANA Market Commentary - April 2021
Ausbiz interview with Tim Conly
The March of Geopolitics and ESG integration