Charity Multi-Asset Fund: 2019 first quarter update


Allocation to equities boosts performance

Stock markets around the world have recovered over the quarter. We added to equities at the start of the year, specifically US mid cap stocks and China A Shares. This helped the Charity Multi-Asset Fund generate a total return of 6% over the first three months of the year.

Economic outlook less impressive

Though still positive, global growth is slowing. The inversion of the yield curve has added to concerns about the US economy. However, we do not expect a US recession this year or next.

Our positioning – cautiously optimistic

We are comfortable with our current equity positions, but continue to ensure the fund is well diversified to help us navigate any volatility.  We remain underweight bonds, favouring alternative asset classes that provide uncorrelated return streams.

 

Contact Cazenove Capital

To discuss your wealth management requirements, or to find out more about our services and how we can help you, please contact: