Global Equity Managed Portfolio: 1Q Earnings and Outlook

04 June 2020

We take a look at the latest earnings results and outlook for companies across the Wilsons Global Equity Managed Portfolio. All our holdings saw some impact from COVID-19 during the quarter. Beneficiaries were companies like Microsoft and Danone, while Starbucks and Honeywell both saw disruptions. Longer-term, we think most of our portfolio positions will be in a stronger relative position post the crisis vs. pre-crisis.

We remain of the view that a secular bull market in equities is emerging. The rally is being underwritten by a combination of re-openings across the real economy, unlimited central bank support and large fiscal stimulus – all of which provides a backstop for global equities.

In this environment, companies exposed to pervasive growth themes – Cloud computing, Digital Transformation, SaaS Health, and Healthier Eating – all themes in the Wilsons Global Equity Managed Portfolio - should be able to continue to increase revenue and market share. In time, they should be rewarded with higher market capitalization.

Exhibit 1: S&P500 Reaction: COVID-19* vs. GFC and Tech Crash

Source: Source: S&P500 rebased to 0% at market low. *COVID-19 data up until 3 June 2020.

Download the full report.

For more information about Wilsons' Global Managed Equities Portfolio, please email

This document has been prepared by Wilsons Advisory and Stockbroking Limited (ACN 010 529 665: AFSL 238375) (“Wilsons”). This document is a communication to intended recipients and is not intended for public circulation. This communication is not to be disclosed in whole or part or used by any other party without Wilsons’ prior written consent. This communication does not constitute investment research. The advice contained in this document is general advice. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any person, before acting on any advice contained within this communication, should first consult with a Wilsons financial adviser to assess whether the advice within this communication is appropriate for their objectives, financial situation and needs. Those acting upon such information without advice do so entirely at their own risk. This document does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment whatsoever.This report is not a complete statement about the Wilsons Global Equity Managed Portfolio. Potential investors should obtain the relevant mandate along with any accompanying materials and should seek their own independent financial, legal and tax advice.
While Wilsons believes the information contained in this communication is based on reliable information, no warranty is given as to its accuracy and persons relying on this information do so at their own risk. Any projections contained in this communication are estimates only. Such projections are subject to market influences and contingent upon matters outside the control of Wilsons and therefore may not be realised in the future. Investment in securities and other financial products involves risk. Past performance is not an indication of future performance. The data and views outlined in this report may change without notice. Wilsons is not obliged to update you if this information changes. To the extent permitted by law Wilsons disclaims all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage) however caused, which may be suffered or arise directly or indirectly in respect of such information.
Wilsons and Wilsons Corporate Finance Limited (ABN 65 057 547 323: AFSL 238383) and their associates may have received and may continue to receive fees from any company or companies referred to in this document (the “Companies”) in relation to corporate advisory, underwriting or other professional investment services. Please see relevant Wilsons disclosures at In addition, the directors of Wilsons advise that at the date of this report they and their associates may have relevant interests in the securities of the Companies.