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<br /> ISSUE 105 | SPRING 2020<br /> EMERGING<br /> MARKETS<br /> COVID-19 AND THE<br /> LONG-TERM OUTLOOK FOR<br /> GROWTH AND INVESTMENT<br /> WELCOME<br /> W<br /> elcome to the Spring 2020 issue of The Investor.<br /> Inside, we explore how radical transparency and<br /> corporate engagement are energising the responsible<br /> investment agenda, and what St. James's Place is doing to<br /> deliver financial wellbeing in a world worth living in.<br /> As the coronavirus continues to make headlines, we ask Gavin Serkin,<br /> an expert in developing economies, about the longer-term outlook for<br /> emerging markets in an era of deglobalisation.<br /> We also review the behavioural biases that inform our often-questionable<br /> choice of priorities, and why we tend to over-insure small risks while<br /><a title="SJP UK The Investor Spring 2020 page 1" href="https://secure.viewer.zmags.com/publication/4c584222?page=1"> ISSUE 105 | SPRING 2020 EMERGING MARKETS </a> <a title="SJP UK The Investor Spring 2020 page 2" href="https://secure.viewer.zmags.com/publication/4c584222?page=2"> WELCOME W elcom</a> <a title="SJP UK The Investor Spring 2020 page 3" href="https://secure.viewer.zmags.com/publication/4c584222?page=3"> SPRING 2020 CONTENTS 22 4 News Focusi</a> <a title="SJP UK The Investor Spring 2020 page 4" href="https://secure.viewer.zmags.com/publication/4c584222?page=4"> NEWS COVID-19: Take the long view Market volatil</a> <a title="SJP UK The Investor Spring 2020 page 5" href="https://secure.viewer.zmags.com/publication/4c584222?page=5"> Budget increases pension, CGT, Junior ISA and NIC</a> <a title="SJP UK The Investor Spring 2020 page 6" href="https://secure.viewer.zmags.com/publication/4c584222?page=6"> NEWS Read, watch and listen online Discover insig</a> <a title="SJP UK The Investor Spring 2020 page 7" href="https://secure.viewer.zmags.com/publication/4c584222?page=7"> A world subscribed How subscription services are</a> <a title="SJP UK The Investor Spring 2020 page 8" href="https://secure.viewer.zmags.com/publication/4c584222?page=8"> people to drive any car it has available for a we</a> <a title="SJP UK The Investor Spring 2020 page 9" href="https://secure.viewer.zmags.com/publication/4c584222?page=9"> Adobe: the successful pivot of a software gian</a> <a title="SJP UK The Investor Spring 2020 page 10" href="https://secure.viewer.zmags.com/publication/4c584222?page=10"> A NEW DAWN FOR SUSTAINABILITY? How </a> <a title="SJP UK The Investor Spring 2020 page 11" href="https://secure.viewer.zmags.com/publication/4c584222?page=11"> E </a> <a title="SJP UK The Investor Spring 2020 page 12" href="https://secure.viewer.zmags.com/publication/4c584222?page=12"> consumption under the Paris Agreement needs to re</a> <a title="SJP UK The Investor Spring 2020 page 13" href="https://secure.viewer.zmags.com/publication/4c584222?page=13"> 鄠W攠捡渠汥慤瑨攠wa禒 “Use your savings to lower your car</a> <a title="SJP UK The Investor Spring 2020 page 14" href="https://secure.viewer.zmags.com/publication/4c584222?page=14"> Finding your way Now, more than ever, there’s a r</a> <a title="SJP UK The Investor Spring 2020 page 15" href="https://secure.viewer.zmags.com/publication/4c584222?page=15"> was set up for you. However, these schemes are so</a> <a title="SJP UK The Investor Spring 2020 page 16" href="https://secure.viewer.zmags.com/publication/4c584222?page=16"> Inherently risky but with potential for huge rewa</a> <a title="SJP UK The Investor Spring 2020 page 17" href="https://secure.viewer.zmags.com/publication/4c584222?page=17"> 坈A咒S 久塔 䙏R 䕍䕒䝉乇 䵁剋䕔匿 Image: Getty Images THE I</a> <a title="SJP UK The Investor Spring 2020 page 18" href="https://secure.viewer.zmags.com/publication/4c584222?page=18"> plannedVirgin Hyperloop One, which would send pas</a> <a title="SJP UK The Investor Spring 2020 page 19" href="https://secure.viewer.zmags.com/publication/4c584222?page=19"> rely on a few, low-value products for export, hop</a> <a title="SJP UK The Investor Spring 2020 page 20" href="https://secure.viewer.zmags.com/publication/4c584222?page=20"> 周攠r楳攠潦⁴桥 噅䝁丠䕃低位Y 䉥yond Meat’s successful I偏 hel灥d</a> <a title="SJP UK The Investor Spring 2020 page 21" href="https://secure.viewer.zmags.com/publication/4c584222?page=21"> WHY ARE PEOPLE GOINGVEGAN? A survey of ㄲ,㠱㐠people</a> <a title="SJP UK The Investor Spring 2020 page 22" href="https://secure.viewer.zmags.com/publication/4c584222?page=22"> T桥 psyc桯汯gy 潦⁲isk 周e 啮dercover Econo浩st,Ti洠䡡rfor</a> <a title="SJP UK The Investor Spring 2020 page 23" href="https://secure.viewer.zmags.com/publication/4c584222?page=23"> I f you had a pet, would </a> <a title="SJP UK The Investor Spring 2020 page 24" href="https://secure.viewer.zmags.com/publication/4c584222?page=24"> an idea teased out by the economist Daniel Ellsbe</a> <a title="SJP UK The Investor Spring 2020 page 25" href="https://secure.viewer.zmags.com/publication/4c584222?page=25"> of probabilistic thinking:Tversky joked that peop</a> <a title="SJP UK The Investor Spring 2020 page 26" href="https://secure.viewer.zmags.com/publication/4c584222?page=26"> 䄠glo扡l sic歮ess Tom 䉥al Chief Investment O cer, </a> <a title="SJP UK The Investor Spring 2020 page 27" href="https://secure.viewer.zmags.com/publication/4c584222?page=27"> suffered similar falls. Indeed, the first three m</a> <a title="SJP UK The Investor Spring 2020 page 28" href="https://secure.viewer.zmags.com/publication/4c584222?page=28"> We ask three experts whether there’s still a role</a> <a title="SJP UK The Investor Spring 2020 page 29" href="https://secure.viewer.zmags.com/publication/4c584222?page=29"> Readers of The Investor don't need any lectures a</a> <a title="SJP UK The Investor Spring 2020 page 30" href="https://secure.viewer.zmags.com/publication/4c584222?page=30"> Portfolio overviews Spring 2020 First quarter ma</a> <a title="SJP UK The Investor Spring 2020 page 31" href="https://secure.viewer.zmags.com/publication/4c584222?page=31"> PORTFOLIO OVERVIEWS CONSERVATIVE </a> <a title="SJP UK The Investor Spring 2020 page 32" href="https://secure.viewer.zmags.com/publication/4c584222?page=32"> Growth Portfolios Asset allocation as at 31 Mar</a> <a title="SJP UK The Investor Spring 2020 page 33" href="https://secure.viewer.zmags.com/publication/4c584222?page=33"> PORTFOLIO OVERVIEWS ADVENTUROUS The </a> <a title="SJP UK The Investor Spring 2020 page 34" href="https://secure.viewer.zmags.com/publication/4c584222?page=34"> THE INVESTOR CENTRE Income Portfolios Asset all</a> <a title="SJP UK The Investor Spring 2020 page 35" href="https://secure.viewer.zmags.com/publication/4c584222?page=35"> </a> <a title="SJP UK The Investor Spring 2020 page 36" href="https://secure.viewer.zmags.com/publication/4c584222?page=36"> </a>