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13 July 2018

Monthly Update: June 2018

  • Mixed markets in June as trade tensions continued to mount, with tit for tat measures between US, Europe and China. Markets still don't seem overly worried though, almost as if they're not taking the words of the US President seriously...
  • All in all a good month for our equity funds in June, with only the SIF slightly down (-0.3%, let's call it 'consolidating previous gains'!). Both Equities and Balance showed good absolute and relative performance.
  • Second quarter earnings announcements are set to kick off in the next few days, together with trading updates in Europe. Expect heightened volatility in individual stocks, hopefully not so much in our well-balanced portfolios...

All in all June was an uneventful month with markets trying to book some gains on strong economic fundamentals but being pulled back by rising trade tensions between the US and ROW. Equity markets also seem to be awaiting the quarterly reporting season which is getting underway as we write... Surprising on the upside will be difficult as expectations have continued to rise, but we are more interested in seeing how our portfolios handle this traditional spike in individual stock volatility. A clearer picture will only emerge by the end of August, when most reporting in the US, Japan and Europe will be behind us...

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