23/12/2022
This time last year markets were riding high on a wave of post-pandemic optimism. What a difference a year can make!
To say 2022 has been turbulent is an understatement! War in Europe, soaring energy costs and inflation, the highest interest rates in a decade, and a sky-high dollar have plagued financial markets throughout the year.
Against this negative backdrop, TAM Asset Management International has again focused on capital preservation to ensure our clients enjoyed a less volatile journey than many. Indeed, we started that process in 2021 when, concerned about monetary policy and the heady valuations in many interest rate sensitive sectors, we rotated from a more growth-focused equity stance to a more value (quality) bias and more importantly entered the year with an underweight fixed income exposure. Our key ethos of diversification has again served us well with our volatility-hedged and commodity investments generating positive gains during the worst declines in the markets.
As we enter 2023, we will be looking for clarity on many of the issues already highlighted whilst taking the opportunity to gain exposure to long-term investments at extremely attractive prices. It is too early to call an end to this market volatility, but one thing is certain; everyone at TAM will be striving relentlessly to manage our clients’ portfolios and ensure they are in the best position to capitalise fully when markets recover.
I would like to take this opportunity to wish you, and your family, a Merry Christmas and prosperous New Year.
