Equity markets have rebounded well from the pandemic‑related lows of March 2020, displaying an encouraging level of resilience. While this is positive, we remain circumspect about the potential time frame for economic recovery. Our sense is that the current crisis could have a longer‑than‑expected tail, delaying the recovery beyond what the market consensus is currently anticipating. Meanwhile, the environment is likely to remain uncertain for some time.
Regardless, our investment approach and portfolio focus remain unchanged. We continue to look for high‑quality companies that can potentially produce durable growth in earnings and free cash flow over time.