Page 4 - Taking Stock 22 Summer 2019

Summer 2019 Taking Stock Welcome Welcome to the 2019 Summer issue of Taking Stock, and my rst as Managing Director. I’m excited about my new role and the challenge of leading and growing the AMP Capital business in New Zealand. A lot has happened across the wider business over the last six months, with the Royal Commission hearings in Australia, the sale of AMP’s insurance and mature businesses to Resolution Life, the appointment of a new CEO Francesco De Ferrari, and a number of other appointments to positions around the globe. Like any business, AMP Capital must continue to evolve and we are committed to being a truly global business, but regardless of the changes our focus remains on our core capabilities and delivering exceptional service to clients. Tradition is with Taking Stock we start the year with a review of the previous year and a look at the themes for the year ahead. The lead story continues this tradition with an overview of investment markets over 2018 and key themes for 2019. It was certainly a rough year for investors in 2018, as despite solid economic and earnings growth, benign in ation and low interest rates, markets were rattled by trade wars, the Fed and slowing growth. Now into 2019, we expect the uncertainty to give way to the reality that while global growth may have passed its peak, it will remain solid. The main theme for this issue is global equities. Last year members of our Global Equities team visited New Zealand as we launched our new Global Companies Fund, which you can read more about in the Product Spotlight section. Related topics include an article by the Head of Global Equities, Simon Steele, which looks at the impact of short termism on markets, while the regular Investment Corner column addresses the fundamental question of why share prices and value differ. Over the year we will continue to actively focus on responsible investment and the integration of environmental, social and governance (ESG) across our asset classes. As many of you will know, AMP Capital is a leader in this space and ESG and responsible investment is a big part of who we are as a company. But not all ESG managers are created equal. We nish with a look at the different ESG approaches and what investors should look for in choosing a responsible investment manager. I hope you enjoy this latest issue of Taking Stock and continue to nd it useful reading. Ngā mihi 4