We are pleased to present the last stage of our updates and improvements to our monthly newsletter. You will now find a greater emphasis not just on our views of where we just were, but on where we are and where we are headed, with a deeper discussion of the episodic and structural risks we see driving our investment decisions. We also now include a topical discussion of ESG considerations that have emerged as priorities over the period covered by the newsletter.

As always, you will find our newsletters in the Library, available to all.