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Top of Mind: Time for a New Playbook on Inflation and Active Management?

Fourth Quarter 2020 
Adam Berger, CFA

As we approach the end of a very challenging year, investors continue to feel their way through an economic and market environment in which history offers limited guidance.

Insight from our sub-adviser, Wellington Management
Adam Berger, CFA
Multi-Asset Strategist

 

In this note, I update my thinking about the pandemic and how investors should respond. Then I dive into two big questions that have come up in the wake of COVID-19: Are we heading for future inflation, and do we need to rethink active management? On inflation, I describe what has changed since the pandemic began, offer my assessment of the likely outcomes, and provide a road map for thinking about a portfolio response. On active management, I address the performance of defensive equity strategies and value stocks, the dominance of technology, and the backdrop for private assets and hedge funds.


Investing involves risk, including the possible loss of principal. 

The views expressed herein are those of Wellington Management, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of Hartford Funds or any other sub-adviser to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management or Hartford Funds.

 

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