Welcome to Magellan's Year InReview 2023

In this year's collection of investment insights on global equities and infrastructure, we share valuable insights and opportunities within the world of global investing. With all the volatility in markets at the moment we explain what we believe really matters in investing and what is noise.

Below you will find insights from our portfolio managers, select the strategy you are interested in and enjoy their annual investor letter and other insights.

The three factors driving stock returns

The next 18 months will be very different to the past 18 months

Arvid Streimann, CFA,
Head of Macro and Global Portfolio manager



The past year saw several significant macro events such as a banking crisis, a debt showdown, war and decoupling. Ultimately, these events shifted the outlooks for overall demand and supply, in turn having impacts on the three drivers of equity market returns: the profit outlook, interest rate outlook and risk premiums.

Let’s apply this framework to the next 18 months or so, starting with the most important driver of stock returns: the profit outlook. 

The near-term profit outlook looks tepid, as ongoing improvements in supply alongside tapering demand will continue to weigh on both growth and inflation. Importantly, both supply and demand are working to reduce inflation, giving us confidence inflation is on track ...


Access below our annual investor letters and other insights for each strategy:



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Once you have watched all the videos you will be eligible for a total of 0.75 CPD hours. 
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GLOBAL 0.25 CPD hours      HIGH CONVICTION 0.25 CPD hours      INFRASTRUCTURE 0.25 CPD hours

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