Focus Analysis. Continued high inflation has triggered a sig...

Focus Analysis.

Continued high inflation has triggered a significant adjustment in monetary policy, significantly reversing the long-standing benign investment environment for growth stocks.

We believe that inflation is now nearing a peak and interest rates may begin to stabilize; if so, the multiple compression is believed to be largely over and stock prices are expected to once again align with company earnings growth.

As some of the current macro-weaknesses moderate and we return to a more stable period of economic growth, increased volatility may present opportunities.