The Fund returned 2.74% during the month, underperforming the IA Flexible Investment sector average return of 3.33%.

Equity markets were generally positive during the month in local currency, with Japan proving a laggard and producing a negative return. UK equities were some of the strongest performers, in particular small and mid-cap companies whose revenues are more closely linked to the performance of the UK economy. US equities were also strong performers. Within UK fixed income markets there were positive returns across gilts, investment grade and high yield bonds. High yield bond returns remained strong thanks to the benign credit default environment. The return from investment grade bonds very much tracked that of gilts although stronger performance by the former meant that we saw a further tightening in the spread premium.

It was those funds held with exposure to gold and silver which performed the strongest during the month, in particular the Jupiter Gold & Silver fund which predominantly has exposure to gold and silver miners. Exposure to the WisdomTree Physical Silver ETF was also beneficial. Gold and silver performed well on the back of an increase in negative real yields, with government bond yields falling whilst inflation expectations continued to rise.

During the month we saw net cash inflows into the Fund and these were invested into select equity funds. There was a preference to increase the UK exposure whilst we also increased the exposure to the emerging market fund held which has a value style bias. This increased the exposure to equities overall to marginally above the neutral allocation.

This article is for information purposes only and should not be construed as advice. We strongly suggest you seek independent financial advice prior to taking any course of action.

The value of this investment can fall as well as rise and investors may get back less than they originally invested. Past performance is not necessarily a guide to future performance.

The Fund is suitable for investors who are seeking to achieve long term capital growth.

The tax treatment of investments depends on the individual circumstances of each client and may be subject to change in the future. The above is in relation to a UK domiciled investor only and would be different for those domiciled outside the UK. We strongly suggest you seek independent tax advice prior to taking any course of action.

Past performance is not a guide to future performance.