Charity Multi-Asset Fund: 2019 first quarter update
Tom Montagu-Pollack discusses the Fund’s recent performance, the economic outlook and current positioning

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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.
This article is issued by Cazenove Capital which is part of the Schroders Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested.
This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.
All data contained within this document is sourced from Cazenove Capital unless otherwise stated.
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