Only six months ago, John Tobin, Managing Director and Portfolio Manager at Epoch Investment Partners, would have suggested the market outlook was fairly straight-forward. The global economy was showing signs of recovery from the COVID-19 pandemic, Central Banks were starting to consider a path for eventually increasing interest rates and there were clear signs that momentum had swung in favour of value stocks.

John told investors back then that value investing with a focus on the only part of a portfolio that can’t go negative could be a salvation. The one part of a portfolio that can’t go negative? Dividends. On Tuesday 26 July, John told an audience in Sydney, it has become a matter of preservation.

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