The key takeaway – It is tough out there and it remains a good time to have a different portfolio to most
The macroeconomic takeaway from results season is that conditions are tough, and may remain so for some time yet.
Our companies, however, are successfully doing their own things. And the macro conditions tend to be less important than what they can do to themselves or their long term drivers (like an aging population).
This makes our portfolio defensive (also with strong cash levels) but capable of growth, regardless of what may (or may not) lie ahead.