The slowdown in productivity growth in the advanced economies in the past decade has been caused by a mixture of long term structural factors and shorter term problems caused by the Great Financial Crash. These latter problems should begin to abate as the financial sector, and risk appetite among corporate investors, returns to normal, allowing capital investment to recover. For a long period, the recovery in global GDP proceeded without any sign that these improvements in productivity were taking place. However, there are now some tentative indications of some acceleration in underlying productivity growth in the US, the leading economy in the global cycle. This supports the stronger growth in real output which we believe is emerging in the US this year, despite the weak GDP figures in the first quarter.
For materials in relation to AIFs: This material is being issued in the United Kingdom by the AIFM and/or is directed only at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Regulations 2013 and is accordingly exempt from the financial promotion restriction in Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) in accordance with regulation 29(3) of the FSMA (Financial Promotions) Order 2005. The opportunity to invest in the Fund is only available to such persons in the United Kingdom and this material must not be relied or acted upon by any other persons in the United Kingdom. For materials in relation to UCITS: This material is being issued in the United Kingdom by EEA UCITS Investment Manager, and/or is directed at, persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 including persons who are authorised under FSMA (“authorised persons”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts and persons who qualify as certified sophisticated investors. The interests are only available to such persons in the United Kingdom and this material must not be relied or acted upon by any other persons in the United Kingdom.