How can investors achieve attractive and reliable portfolio returns in this world of elevated asset prices, falling yields, lingering inflationary threats, and uncertain growth? And what if the cyclical and structural forces dragging yields lower are also weighting on broad economic growth?
At Magellan, we believe that the first step in generating satisfactory portfolio returns in this environment is identifying industries and opportunities benefiting from structural growth - the technological, societal or demographic shifts that are unrelated to cyclical factors.
The second step is identifying and building concentrated portfolios in deeply advantaged and differentiated businesses, purchased at attractive prices, that stand to profit from these enduring growth tailwinds.
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