Insurance Journal (4th Quarter 2019)

Guest Contribution
Global Equities:
Ready to Meet 2020
Expectations?
Shoaib Zafar
Professional Investor
Chartered Alternative Investment Analyst
(CAIA) Charter Holder
Shoaib Zafar is a professional investor, specializing in Global Equities. Currently he is a Co-Portfolio
Manager for various Global Equities strategies with around USD 350 million under management, at SYZ
Asset Management in Geneva, Switzerland. Shoaib has over 11 years of investing experience, having
previously worked in roles of fundamental and thematic equities analyst. He graduated from the University
of Lugano in Switzerland with a Master in Financial Economics & Communications (Cum Laude), and is a
Chartered Alternative Investments Analyst (CAIA) Charter holder.
Summary
Ÿ Can equity markets repeat the stellar performance of 2019?
Ÿ Complacency about clearer skies likely taking the 'margin of error' away.
Ÿ Healthcare, Utilities in non-cyclical and Tech and Energy in cyclical sectors could deliver relative out
performance in 2020 and support the market sentiment going forward.
Ÿ Risk of high global indebtedness is so far covert, yet highly alarming.
2019 was a stellar year for global markets and most asset classes.
Source: Novilinvestor.com. (US asset classes, Total Return, USD)
It is a proof of investors' resilience despite puzzling central banks actions, a reversal of multinationalism and
global trade, and fears of an economic slowdown. We saw yield curve inversions in bonds and very sharp style
rotations in equities. Value as style had a strong coming back at end-3Q2019, though its leadership over growth
peaked around mid-December.
Insurance Journal October, November, December 2019
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