28 July 2016
We expect a difficult investment environment with modest growth prospects, greater uncertainty and a high degree of volatility in the macro economy and markets. The long-term (20-year) returns in the coming years are likely to be significantly lower than what we saw since 1980. Nonetheless, our investment philosophy, governance framework, organizational capabilities and market network, all carefully developed over the last 35 years, leave us well-placed to invest in this new environment.
