Key Takeaways

• The portfolio shifted from businesses that were the beneficiaries of Covid-19 towards companies likely to benefit from the economic reopening.
• Higher inflation expectations, rising commodity prices and the prospect of higher interest rates have pushed investors towards cyclical areas of the market.
• Despite the recent market gyration between value and growth, Jamie remains focused at investing in high quality companies over the long term to produce the best long-term outcome for shareholders.

References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security. Janus Henderson Investors, one of its affiliated advisor, or its employees, may have a position mentioned in the securities mentioned in the report.