Global Equities - Market Update - December 2020

11 January 2021

This report has been prepared by Northcape Capital, the underlying investment manager for the Warakirri Ethical Global Equities Fund.

2020 was a continuous repeat of ‘unprecedented’ events, to use the most popular word of the year. This started with a global pandemic that has cost 1.8m lives so far globally and which had a severe impact on our economies as lockdowns closed down shops, restaurants, travel etc.

All countries around the world saw record GDP declines, with the US printing a -31% (Q/Q annualised) drop, which has never happened before, not even in the Depression of the 30’s. This led to a joint global effort of monetary and fiscal stimulus by governments around the world.

A 68% recovery from those March S&P 500 lows that followed for the rest of the year will likely go in the history books as one of the fastest and biggest recoveries in the US share market.


Northcape Capital

Northcape Capital
Expert Investment Partner