As the pandemic enters its third year, Airlie duo Matt Williams and Emma Fisher say investor expectations of a return to a pre-COVID-19 normal are fading.
Australian investors are on the verge of a fifth straight reporting season that will deliver more questions than answers about the long-term prospects of the Australian corporate sector., who argue that as the pandemic enters its third year, it is becoming increasingly difficult to determine what “normal” really looks like for any given company.
Fisher and Williams are coming off a strong year, with the Airlie Australian Share Fund delivering a return of 28.8 per cent after fees in 2021, easily beating the 17.2 per cent return from its benchmark, the ASX 200 Accumulation index. Airlie’s performance put it in the top quartile of performers in Morningstar’s universe of long-only Australian equities funds.
Another key bias is towards companies with strong balance sheets, something the pair argue is vital as the market hunts for signs of inflation during February’s reporting season.Fisher is very much alert to the potential impact that rising inflation and interest rates could have on Aussie shares. She points out that a large chunk of the local market depends on selling stuff to local consumers, whose high debt levels make them vulnerable to even small rate movements.
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