CHB - A Clearer Path For Fundamental Navigation

• We formally neutralized the influence of two macro themes centered on global protectionism and Chinese growth.
• European populism was reduced as a significant headwind to valuation opportunities.
• With fewer headwinds, there may be a less obstructed path for price to gravitate toward value.
• The Colombian peso is one of the more compelling long opportunities.
• Another response to the headwinds of 2020 has been selling the South African rand and buying the Indian rupee.

For further details see: