Equity Strategy
Global Equity Managed Portfolio: 1Q Earnings and Outlook
Thu 4th 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.

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For more information about Wilsons' Global Managed Equities Portfolio, please email info@wilsonsadvisory.com.au

About Wilsons Wilsons is a financial advisory firm focused on delivering strategic and investment advice for people with ambition – whether they be a private investor, corporate, fund manager or global institution. Its client-first, whole of firm approach allows Wilsons to partner with clients for the long-term and provide the wide range of financial and advisory services they may require throughout their financial future. Wilsons is staff-owned and has offices across Australia.

Disclaimer: This communication has been prepared by Wilsons Advisory and Stockbroking Limited (ACN 010 529 665: AFSL 238 375) and Wilsons Corporate Finance Limited (ACN 057 547 323: AFSL 238 383) (“Wilsons”), and to the extent that it contains advice, that advice is general in nature and does not consider your personal circumstances.

The information in this communication does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Past performance is not a reliable indicator of future performance. On that basis, any advice should not be relied on to make any investment decisions without first consulting with your financial adviser. If you do not currently have an adviser, please contact us and we would be happy to connect you with a Wilsons representative.

To the extent that any specific documents or products are referred to, please also ensure that you obtain the relevant document or Product Disclosure Statement(s) before considering any related investments.

Wilsons and their associates may have received and may continue to receive fees from any company or companies referred to in this communication (the “Companies”) in relation to corporate advisory, underwriting or other professional investment services. Please see relevant Wilsons disclosures at www.wilsonsadvisory.com.au/disclosures.

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Written by

John Lockton, Australian Equities

John is a leading investment strategist with 20 years experience.

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