Marconi Plc

• TA Troy Asset Management Investment Report No.77 July 2023 ↗ Troy’s multi-asset strategy favours short-dated government bonds, US TIPS and liquidity while waiting for zero-rate-era asset valuations to reset. It owns Microsoft and Alphabet at more reasonable valuations, avoids Nvidia and other expensive AI beneficiaries, and expects tighter monetary policy to expose recession risks. 6 months NVDA $5.5TCSCO $441BERIC $30B +3

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