Investing across the Business Cycle

 

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Endeavour pursues defensive, income and growth investments simultaneously in one integrated investment process. This is achieved through individual investment selection, bottom up rather than asset allocation or top down, in the context of the broader economic outlook.

As the economic cycle evolves so do the investment needs of most people. In times of expansion there is more desire to search for growth, typically found in equities, as the Market rewards more risk-taking. And as the economy cools, there is more need to be defensive, to weather the downturn in interest bearing bonds and higher dividend stocks: the Market reduces its risk appetite and seeks safe havens and the relative certainties of cash income.

Endeavour generates income across the cycle and can reinvest for the compounding of returns in either growth or more defensive investments as the broader economic backdrop suggests and as the prices of these two very different things create company-specific opportunities .

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