Investment returns (before tax and fees) for the quarter ending 30 June 2021 are:

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This was another quarter of good returns with shares again putting in solid performances. As economies reopened and combined with positive economic news globally (though it was uneven across regions) many share markets continued to climb higher.

In addition, most Government owned central banks indicated that interest rates would remain low into the foreseeable future (but some added the proviso that their targeted short term cash rates may need to be raised sooner than first thought by them).

The solid rebound or growth was generally better than expected but considered by some to have been the result of significant Government support during the pandemic.

This had some investors concerned that continued large spending plans may lead to an overheated economy and or inflation. Despite the continued rollout of vaccinations around the globe concerns remain.

We continue remain invested and diversified. At the same time, we remain cautious given how fragile markets seem to us (i.e. the elevated nature, relative to historical records, of both share and bond prices).