By Andrew Mitchell & Steven Ng Co-founders and Senior Portfolio Managers
The global plumbing industry is being disrupted by ‘push to connect’ components which provide a more efficient solution than the traditional soldering process. We showcase how portfolio holding Reliance Worldwide Corporation (ASX:RWC) is taking advantage of this structural tailwind and why we expect further market gains.
Welcome to the March 2019 Ophir Letter to Investors – thank you for investing alongside us for the long term.
Month in review
Whilst unable to keep pace with the surge since the turn of 2019, global equity markets have still managed to enjoy moderate gains during March. Momentum has seemingly been unfazed by the backdrop of an inverted US yield curve (more on that later!), the UK Parliament’s rejection of Theresa May’s umpteenth Brexit deal and an ongoing US-China trade deal Mexican standoff. The FTSE 100 and the Euro Stoxx 50 led the charge among developed markets climbing 3.3% and 1.9% respectively.
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