Polygon Investment Management: Market Commentary
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To say that 2020 was a year like no other would probably be a significant understatement. With COVID running riot across the globe, and political uncertainty in the US at an all-time high, global stock markets were subject to more than their usual dose of chaos and confusion.

 In the US, GDP growth plummeted by over 30% in the second quarter, only to rebound by a similar amount in the third quarter. Stock markets followed a broadly similar path with US equities wit…
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As stock markets, particularly in the US, continue to soar upwards, I thought it might be useful to summarize our views and forward-looking assessment of the current environment. Briefly put, the first half of 2020 was a tale of two very different quarters. January through March was characterized by significant falls across almost all global equities, as markets were severely battered by the impact of the coronavirus towards the end of the quarter.

The US declined by 20%, while Euro…
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February 21, 2020

Founded in 2002, Polygon celebrated its 18th anniversary this year. Since inception, our primary strategy, Global Growth, has outperformed its benchmark which consists of 70% global equities (the MSCI All Country index) and 30% US bonds (the Barclay Aggregate bond index) by an average of over 2.5% per year.  In 2019, Global Growth gained over 19.4%, net of all fees.

On a risk adjusted basis, our diversified approach, combined with a number of def…
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Economic and Market Update

Having recently spent several days in Washington at International Monetary Fund (IMF) and Bretton Woods Committee meetings, I thought it might be helpful to summarize some of the main insights from the discussions.

Slower growth expected, globally, and in the U.S.:

As a backdrop, the IMF’s forecasts for global growth are skewed to the downside, primarily due to global trade tensions. For the U.S., the IMF is f…
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2018 was a difficult year for global investors, as virtually all asset classes and regions around the world declined. In the US, equities had their worst year in a decade, with the S&P 500 falling by 6.2%, while small cap stocks dropped by 11%. Elsewhere, markets were even more hard hit, with global equities down by 13.8%, reflecting falls in emerging markets of 14.7%, in Japan of 12.6% and in Europe of 14.3%. Nor did other asset classes escape the carnage. In the US, corporate bonds fell…
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