The Salida Capital Investment Team is the author of this monthly commentary. Each commentary provides insight into our views and expectations of the macro themes affecting the current financial markets and those shaping the markets in the future. The majority of our investment funds are fundamentally driven at the position level however our viewpoint on macro themes is instrumental in determining the strategies and sectors we focus on to explore and uncover investment opportunities. Correctly forecasting and understanding these macro themes has played an instrumental role in our long term successful track record and will continue to be a critical element in how we manage investments going forward.