Page 6 - Sainsbury Strategy and Invetsment Recommendations
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Opportunities
• Equities – assuming central banks and governments do enough to avoid a deep and/or prolonged
recession.
• Corporate credit - assuming central banks and governments do enough to avoid a deep and/or
prolonged recession.
• Infrastructure - assuming central banks and governments do enough to avoid a deep and/or
prolonged recession.
• Value as a style – value as a style is currently trading some 20-40% below growth across the equity
spectrum. Value is troubled by low interest rates and cyclical exposure to weakening economy, but
that doesn’t mean that the value discount should remain in perpetuity, which is becoming more
consensus.
• Unhedged Global Growth Assets (Equities, Property, Infrastructure) – the AUD/USD is expected to
remain low for some time and will likely see downward pressure once the USD stops falling.
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