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.


The opinions contained herein are those of the author and do not necessarily represent the house view. This document is intended to be for information purposes only. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Cazenove Capital does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. This does not exclude or restrict any duty or liability that Cazenove Capital has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. Cazenove Capital is part of the Schroder Group and a trading name of Schroder & Co. Registered Office at 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. For your security, communications may be taped and monitored. 

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Achieving your charity's investment objectives takes time and thought. To find out how we can help you please contact:

James Brennan

James Brennan

Portfolio Director