Nick Georgiadis: second quarter 2019

Equities notch up another quarter of gains, but with divergent performance

UK shares rose 3% during the period, slightly lagging global equities. Emerging markets and Japan, both highly dependent on global trade, were flat or slightly lower during the period.

Marked shift in US interest rate expectations

At the end of last year, investors were expecting the Federal Reserve to increase interest rates three times in 2019. By the end of June, they were expecting three cuts.

Portfolios performed well but we are mindful of risks

We maintained our equity positions through the first half of the year and benefited from the rebound in share prices. However, with growth slowing and continued political risks, we are ready to shift to a more defensive stance when required.

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