This is a non-independent marketing communication commissioned by Invesco. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
Periodically, we are faced with a ‘black swan’: an unexpected event with significant repercussions. The Covid-19 pandemic is one of those events. This has led to a significant contraction in economic activity and considerable uncertainty over the timing and pace of recovery. It has also caused a sharp fall in equity valuations. While unsettling in the short term, especially given the human cost of this crisis, the opportunity to buy stakes in companies at bargain prices is what we live for as active managers.
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