The ACAP Strategic Fund's managers see a "significant scarcity of attractive asset allocation choices globally," but also a strong environment for fundamental stock picking.
Q2 2021 hedge fund letters, conferences and more
According to a copy of the fund's second-quarter investor update, which ValueWalk has been able to review, its managers currently hold a balanced view of the market, with attractive relative equity valuations in some sections of the market. Still, they also emphasize a need to be selective.
Quality vs junk
It seems that not all other investors hold the same opinion. The investment review notes that one of the best-performing styles this year has been to invest in stocks with a high probability of default. Such a strategy would...
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