In what Hamish calls a classic Black Swan event, he and David discuss the recent impact of the COVID-19 pandemic across global financial markets. Initially presenting as a localized epidemic in China, COVID-19 has evolved into a global pandemic that has wreaked havoc on financial markets around the world.

Despite there being no modern rule book on how to navigate investments during the pandemic, Magellan's Global Fund has held relatively strong. Hamish attributes this to a lower-risk portfolio that was built to withstand such unforeseen 'Black Swan' events and elaborates on the additional measures that the Magellan team have been taken to further protect downside risks. By example, the Magellan Global Fund has increased cash levels from 6% to over 15% during March till now.

Hamish remains cautious of events that may unfold over the coming months and discusses the key indicators that he believes are necessary to reduce financial market risks and allow investors to determine the shape of recovery that they can expect.

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