Paul Moroz returns to The Art of Boring podcast after three years, discussing his reappointment as lead manager of Mawer's global equity strategy. Paul outlines the team's strategic approach to portfolio repositioning and reflects on how the investment landscape has evolved over the past five years. He emphasizes increased diversification, better alignment with other Mawer strategies, and a more balanced approach to market exposure.
Key Takeaways:
- Paul Moroz and David Ragan have returned to the global equity strategy with renewed energy and focus
- The portfolio is increasing its number of holdings for improved diversification and resilience, creating more "chess pieces on the board" Adjustments include boosting technology exposure and reducing positions with weakening business fundamentals
- The team is moving quickly but methodically, with most changes expected in the coming months and a return to typical turnover rates thereafter.
- Highlighted changes in the last five years: technology's rapid evolution, the rise of capital-light business models, and shifts in passive vs. active investing. But despite structural changes, human psychology remains a constant driver of market behavior. This episode is available for download anywhere you get your podcasts.
- Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.
Visit Mawer at https://www.mawer.com.
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