The Fund ended the month 0.85% lower in November following a difficult period for equity markets.

Indices were weaker across the board, with sharp falls seen across most markets at the very end of the month as a new COVID variant, Omicron, surfaced. This was felt particularly across those markets which are more cyclical in nature and geared more towards global growth, such as Europe, Japan and small cap markets. Woes continued in China which had a knock on effect on Asia. In sterling terms the S&P 500 delivered a positive return due to strength in the dollar against the pound. Within UK fixed income it was gilts which were the strongest performers, with a strong performance at the end of the month on the back of concerns over Omicron. Investment grade credit was also positive, although it underperformed government bonds as spreads widened. High yield was weaker on the back of equity market weakness.

Within the Fund, Tellworth UK Select was the strongest performing holding. This is a market neutral, long short fund, investing in UK equities. It proved very resilient during the volatility seen towards the end of the month in particular.

During the month a fund switch was made within the US equity allocation, switching out of Jupiter Merian in favour of Threadneedle. The latter has a proven track record against both the sector average and S&P 500. The fund also has ability to short stocks therefore providing a further potential tool for alpha generation.

The Fund underperformed the sector average return in November of 0.06%.

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.