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14 August 2018

Monthly Update: July 2018

  • July saw confirmation that the global economy is in good health, overcoming some doubts that had arisen in the previous months.
  • Earnings reporting season is in full swing and corporate earnings are generally strong across all regions.
  • This resulted in rising global equity markets with the MSCI World Index gaining +3% and all regions contributing to this gain.
  • Our funds had an off month, trailing the benchmark in the case of our global equity fund, and declining in the case of our market neutral SIF and Balance. But all funds remain strong outperformers for the year.

July was a rather uneventful month for global equity with not even the start of the earnings announcements season bringing much life to the party. On the contrary: volatility has tended to decline as the earnings season progressed (also into August...). That being said global equity did have a strong month, but driven more by macro-factors and receding global trade tensions. Perhaps the reason why our stock selection, based foremost on individual company fundamentals, had subpar performance ?

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