The Fund returned -0.14% during the month, outperforming the IA Flexible Investment sector average return of -0.21%.

Equity markets were generally positive during the month when measured in their local currencies. European equities proved to be strong performers, helped by the performance of cyclical stocks and their vaccination program continuing to gather pace. Within the UK it was small cap stocks which proved the better performers, supported by the improvement in the outlook to the economy, to which their fortunes are closely linked. The UK fixed income markets saw positive returns across gilts, investment grade and high yield bonds. Gilts were the strongest performers, with yields declining from recent highs as some of the inflation concerns receded, mainly due to the US Federal Reserve remaining resolute that higher inflation would prove transitory.

In the Fund, it was those holdings with exposure to gold and silver that 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. Those equity funds with a value style bias also performed well as economies continued to show signs of a strong recovery.

During the month we saw net cash inflows into the Fund. These were invested so as to preserve a cash position below the neutral weighting. There was a preference to top up exposure to those equity funds with a value style bias across the UK, Europe ex UK, Emerging Markets and Japan.