• Global equities rose 6% in sterling terms during the second quarter. Against this backdrop, the Responsible Multi-Asset Fund generated a total return of 4.4%, bringing its total return since the start of the year to 10%.
• We retain a neutral position in equities. The asset class is no longer cheap, with the MSCI World index trading above its historical average, but valuations are not excessive and we still expect modest earnings growth.   
• We remain underweight bonds, favouring alternative assets such as listed infrastructure and commercial property, and we have also increased our allocation to gold.

Look out for details of our upcoming webinar on the 23^rd July, where we will discuss in more detail how we have engaged with the companies we invest in