The Fund fell -0.38% during the month, underperforming the IA Flexible Investment sector average return of 0.15%.

The performance of equity markets was mixed during the period. The UK market was generally flat, but stocks more closely linked to the domestic economy, such as mid and small cap companies, were stronger performers. Asian emerging markets meanwhile were significantly weaker, with authorities cracking down on companies in particular sectors causing a wider spread sell-off. UK fixed income posted strong performances in the month. UK gilts were the strongest performers, with yields falling as investors were more confident that the transitory inflation rhetoric reinforced by central banks was becoming more convincing. Investment grade corporate bond yields also fell given their correlation to government bonds, but returns were not quite as strong as credit spreads widened.

In the Fund, unsurprisingly it was Asia Pacific and emerging market exposed equity funds which were the weakest performers. This was particularly the case for those funds with a meaningful weighting to China. Within other regions it was those funds with more of a growth bias which outperformed value biased funds, the former supported by falling bond yields.

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. The allocation to UK equities was increased, while the position to Asian equities was also added to on the back of weakness.

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.