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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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

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