The Equitile Resilience Fund aims to deliver capital growth by investing in large, growing companies in the developed world. It is managed according to our core investment principles and uses the Equitile Fair Fee Model.
Latest Overview - June 2018 (print version)
June has seen markets refocus on trade tensions. The ongoing US-China conflict has escalated and been joined by an intensifying US-Europe trade spat. Though of less importance, UK-Europe and US-Canada conflicts are also simmering. As a result, some of your investments in export focused companies have suffered setbacks in the month, causing your portfolio to give back a little less than half of last month’s gains. Your investments in US based semiconductor technology and European based luxury goods exporters were responsible for the bulk of the losses in June, partly offset by gains made in your medical technology investments.
The contrast between President Trump’s muscular America First trade policy and the European Union’s growing number of internal divisions is becoming increasingly stark. On balance, we expect these trade conflicts to be resolved favourably, with the US winning concessions from both Europe and China, to the benefit of US exporters. For this reason, we do not anticipate making substantial changes to the geographical allocation of your portfolio in the near future.