The great run continued into the last quarter of 2019. The return from shares was particularly good and led to solid Growth and Balanced Fund returns (given their preference toward shares). The quarter’s returns benefitted from the reduced concerns around trade discussions between the US and China, supported by earlier reductions in interest rates and a growing view that international growth may improve.

It should be remembered that the great returns ‘last year’ are flattered somewhat given the terrible last quarter of 2018 i.e. returns in the last year benefitted from the rebound / recovery from that quarter.

Shares prices continue to rise and interest rates remain at low levels. Your funds continue to participate in these performing markets. The funds remain diversified, emphasize quality, are cautiously invested and focussed on longer term returns.

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

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