While the pace of the global economy slowed in 2019, markets finished the year with positive momentum on the backdrop of a partial truce between the US and China on their ongoing trade issues, as well as better prospects for an orderly Brexit.
In 2020, we continue to expect to see geopolitical issues arise that could have a short term impact on the markets. Some events we are monitoring include the impact of the Coronavirus.
We are monitoring the spread of, and continued efforts to contain, the coronavirus and its potential effects on the markets. The sectors most vulnerable (to date) are the auto and oil industries due to the numerous factories located in Wuhan province. Your portfolio has negligible exposure to these sectors, but we are nonetheless closely monitoring developments.
In reviewing information gathered from this year's conference, in conjunction with our team's internal targets on current equity holdings, we took advantage of recent market strength, and have used it as an opportunity to take profits in certain