Harbour Commentary: Tricky Turning Point
Harbour Asset Management has published its market commentary for May and outlining its investment strategy.
Wednesday, May 18th 2011, 2:16PM
Harbour's current strategy development reflects:
- A world still in expansion but with gathering risks
- A better outlook for New Zealand growth momentum, near term, relative to Australia
- Risks around a near term pull-back in the global commodity boom
- Increasing some NZ consumer exposure given under-performance and the rebuilding of savings
- A preference for LNG exposure over bulk commodities
- Increased growth and quality positions relative to cyclical recovery opportunities at a stock level
At turning points in growth momentum, sector returns are harder to predict. At the moment sector and stock returns are also being influenced by the extra-ordinary appreciation of the Australian dollar, weakness in the US dollar and volatility in commodity prices.
Read Harbour's research reports here: http://www.harbourasset.co.nz/html/
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