The Equitile Resilience Fund
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 - April 2018 (print version)
The equity market is currently in the midst of its quarterly reporting session and the numbers are generally surprising to the upside. Earnings growth in the luxury goods sector have been especially strong – your investments in LVMH, Kering and Moncler have lead portfolio returns this month. We interpret this strength in discretionary spending as an indication of robust, even accelerating, global economic growth. Results from Visa, another of your investments, help confirm this strength.
Once again geopolitical issues have been an important focus of markets in the month with generally positive developments. We are inclined to take the surprise summit between North and South Korea at face-value and see this as probably the first step to reintegrating North Korea into the global economy. At the same time US-China trade tensions look to be easing considerably. As we mentioned last month, President Trump’s robust negotiation strategy seems to be delivering positive results. We expect this, in combination with the strong corporate earnings, to begin calming market volatility into the summer period.