2019

Model Portfolio Service: Q2 2019 update

Portfolio Director, Steven Rooke looks back on the last quarter of 2019 and provides an update on our Model Portfolio Service model

16 Jul 2019

Steven Rooke

Steven Rooke

Portfolio Director, Head of DFM Investment Strategy

It was an unusual quarter for asset class returns, with both higher risk and safe haven assets rallying

Equity markets continued where they left off at the end of the first quarter led higher once more by growth stocks, in particular the technology sector, whilst healthcare companies struggled as Democratic US Presidential candidates took aim at the sector.

Portfolio positioning and market review

During the quarter we rebalanced the models predominantly in the equity space.  In the UK we sold out of the Merian UK Alpha fund, consolidating our UK managers down to three with proceeds added to Polar UK Value Opportunities and Trojan Income funds.  We also made a change to our specialist healthcare exposure, taking advantage of performance year to date from the Worldwide Healthcare investment trust and switching into the Polar Healthcare Opportunities fund. The fund successfully navigated the sell-off in Q4 last year and we have been monitoring it for some time. 

Outlook for the rest of the year and beyond

Despite data pointing towards a slowdown in the global economy, we do not expect a US recession this year or next.

 

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