Insights

In a world of uncertainty and occasional panic, it can feel impossible to see past the bad news. Just ask anyone watching the volatility in investment markets across the world as stocks tumble and spike.

This is the ninth in our series of Trip Insights, where we share those experiences. It follows a trip during February/March 2020 when Peter Aquilina, 4D Senior Investment Analyst, completed an extensive company engagement and calling program in the United States meeting with management teams from Oil & Gas Infrastructure, Regulated Utilities and Renewables.

What a difference a month makes. In mid-February, markets around the globe were continuing their history-making march upwards in one of the longest bull runs on record. Then March arrived, and so did the worry about COVID-19.

How will the impacts of COVID-19 differ between emerging markets and their developed counterparts?

In this follow up article, 4D Senior Investment Analysts Peter Aquilina and Mark Jones revisit the North American midstream thesis, and stress test assumptions for a dramatically lower commodity price environment and an overall slower global growth scenario – to determine whether in reality the fundamentals/earnings will prove to be infrastructure (or not) and if this collapse represents a buying

With markets moving quickly, we want to keep our investors up to date with how we are managing risk and our broader thoughts around the portfolio.

We believe the coronavirus issue will pass, but not without obvious and significant personal and economic pain including its impact on global growth.

In this issue of Investment Perspectives, we investigate the risks associated with investing in small / medium sized REITs and determine if the size of the company really does matter.

In this article, Sarah Shaw (Global Portfolio Manager & Chief Investment Officer) looks at: (1) the current state of play with Environmental, Social and Governance (ESG) issues around the world; (2) corporate controversies that defined 2019; and (3) our approach to incorporating ESG factors into our investment process, demonstrating why ESG is so important to 4D.