Global Equities - Market Update - May 2021

11 June 2021

Contrary to the saying “Sell in May”, the MSCI World index finished the month +1.4% in USD or +1.2% in AUD terms, as developed markets started to normalise with continued Covid vaccine roll outs and falling case numbers.

From a macro perspective, the debate continued through the month as to what extent inflation is picking up, and to what extent this may or may not be transitory. The US and UK Central Banks assured markets they see inflation as temporary and don’t plan on any sudden changes in monetary policy – this is despite surprises on the Inflation front.

For the quarter just reported, the median company had revenue growth of over 15% and EPS growth of over 70%. In this report we discuss a new stock added to our portfolio, Adobe.


Northcape Capital

Northcape Capital
Expert Investment Partner