In this video update, Doug Rao, US equities portfolio manager, discusses the factors that he believes will shape the macro environment in 2019 and provides insight into the sustainable competitive advantages that he looks for in a company.

Key takeaways:

• The global macro environment is likely to be influenced by the rise of populism, and liquidity withdrawals by some Centrals Banks.
• Doug believes it is important to focus on customer-centric companies that are creating innovative products and solutions.
• Brand, technology and network effects are among the elements that can provide a company with a ‘competitive moat’, which can provide resilience in volatile times.