PCM – Market Outlook 2019

Market Outlook 2019

CIO’s Letter (By Jeffrey Lee, MD & CIO of Phillip Capital Management)

“A few themes stand out for me amidst this challenging investment environment. First, the withdrawal of liquidity has been a prime catalyst of the market correction. Given the attractive valuations of risk assets, a reversal of these conditions in 2019 may spark a sharp relief rally. Next, as the multi-decade-long property market cycle in Asia ages, financial instruments (especially income-focused products) will increasingly complement residential investments as the key component of portfolio wealth. With concerns of peak globalisation and margins, the focus on dividends, quality, and protection of principal makes sense in this environment. Finally, investors may want to consider sustainable investing as a way to reduce risk and improve returns.”

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