The Fund fell 0.71% during the month, marginally underperforming the IA Flexible Investment sector average which fell 0.49%.

Equity markets were positive during the first half of the month as the threat of a trade war between the US and China faded. By the 17th, the US stock-market in particular, as measured by the S&P 500 Index, was up over 3% from its value at the start of the year. It was also favourable to those regions which rely on trade, such as Emerging Markets and Asia, with the Merian Asia Pacific fund being the best performer over the first two weeks.

The second half of the month saw the emergence of the coronavirus in the world's news stories, leading to a fall in stock-markets around the globe, which wiped out the gains made thus far. Not all funds posted negative returns, however, with the Artemis US Smaller Companies and Merian UK Smaller Companies funds in particular both posting rises of over 2% for the month.

Fixed income markets were positive during the period, as investors moved to more risk-off assets, which led to positive returns from all the bond funds within the portfolio. The best performing of this bucket was the GAM Star Credit Opportunities, which was up 1.8%.

Following the maturity of an existing structured note within the fund during the month, a new one was added, offering a return of 11.3% for each year held, maturing on the first anniversary where the FTSE 100 is above its initial level. We also took advantage of inflows into the Fund to increase our exposure to emerging market equities.

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.