Investment returns (before tax and fees) for the quarter ending 31 December 2020 are:

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Returns were solid over the quarter despite the growth in virus cases and renewed lockdown announcements. Equities (shares) in particular posted strong gains with most share markets returning over 10% in the quarter. Investment returns were supported by vaccine approvals, more Government policy stimulus (spending), and clarity on the U.S. election outcome. The strength of our dollar held back gains but our overseas fixed income (bond) funds benefitted from the weak U.S dollar that prevailed. Almost all investments achieved positive returns in the quarter. Whilst it is good that the run of positive returns continues we are concerned, as mentioned here before, that both share and bond prices (in general) are at levels that deem it to be prudent, that is to remain well-diversified and carefully invested. Our active management approach has nevertheless enabled us to find sound investments in most environments.