It has been a very positive and pleasing quarter, a relief for most after the very shaky end to 2018, and a reminder to investors to focus on the longer term. Good returns were achieved by the funds in all periods to 31 March 2019.

The rebound in markets is put down to a number of factors including a reversal in the US Federal Reserve’s monetary policy stance, hope for a positive outcome in the U.S.-China trade deal negotiations and hope for further stimulus from the Chinese government, all factors that may lead to an increase in global growth in the second half of 2019. Given elevated asset prices and risks to future growth projections, we remain cautiously invested but alert i.e. we will be keeping an eye on economic data in the upcoming quarter to see it is strong enough to justify further gains.

Investment returns at 31 March 2019, before fees and tax:

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