While many investors bemoan the lacklustre performance of the world economy, this column takes a very different view. A 3.2pc global growth rate last year, in spite of interest rates reaching multi-decade highs across the developed world, represents a surprisingly solid performance. Then there is the prospect of an improving GDP growth rate as inflation falls to its 2pc target in the US, Eurozone and Britain which provides scope for interest rate cuts to take place. The long-term outlook for global growth is hugely upbeat. As a result, Questor plans to persevere with consumer-focused stocks that have struggled to deliver impressive financial performance over recent years. The end of the cost-of-living crisis, alongside a gradually improving economic outlook, means these companies will experience stronger operating conditions that should translate into growing profits and higher share prices. For example, our Inheritance Tax Portfolio’s holding in video games publisher Team17 has proved to be a disappointment so far. Having soared by over 200pc within 18 months following its addition to the portfolio in June 2019, the company’s shares have subsequently slumped in line with many consumer-focused firms. The stock now trades 6pc down on our notional purchase price despite having outperformed the...