The Fund posted a return of -2.26% for March, underperforming the sector average return of -1.02%.

March was a difficult month for equities, although some markets managed to finish in positive territory. The beginning of the month was positive but sentiment soon changed on the back of issues within the banking sector, specifically Silicon Valley Bank and the wider regional banking system in the US, along with Credit Suisse. As resolutions were found markets recovered, in particular the US, but the UK market failed to raise its head above water.

The picture was mixed for UK fixed income during the month. UK gilts posted a positive return. Rate cuts began to be priced into the US market by the year end on the back of weakening economic data. This had a knock on effect on the UK market. This also benefited UK investment grade corporate bonds although not to the same extent as credit spreads widened on the back of issues in the banking sector.

During the month a new holding was added to the fixed income allocation. This saw the Man GLG Dynamic Income added. This is a relatively new fund but is managed by a fund manager we hold in high regard. He has an active approach, looking to identify mis-priced investment opportunities. As we were early investors, we were able to secure investment into a founder share class with an attractive charging structure. Proceeds for this purchase were funded from the sale of the Artemis US Smaller Companies and Baillie Gifford Japanese Income Growth. This reduced the Fund’s overweight position to equities.

Further information about the fund can be found on the Fund’s website: MIDSF.com.

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.