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The Equitile Resilience Fund

The Equitile Resilience Fund aims to deliver capital growth by investing in large, growing companies in the developed markets. It is managed according to our core investment principles and uses the Equitile Fair Fee Model.

Latest Overview GBP - January 2020 (print version)

The new year has got off to a positive though volatile start. The first weeks of January witnessed a continuation of the positive momentum of 2019, however, in the last week the markets sold off on news of the coronavirus outbreak in China. 
There was an unusually wide dispersion of returns within your portfolio in January. CSL, the leading Australian pharmaceutical manufacturer, was your best performer in the month. However, it is the extraordinarily strong revenue growth from Apple and Microsoft, which together provided the largest positive contribution to your returns in January. Despite being the world’s first and second largest companies by market capitalisation, Apple and Microsoft recently posted quarterly year-on-year revenue growth of 8.9% and 13.6%, lifting their share prices by 5.7% and 8% respectively. Despite their size, these companies are still growing like nimble start-ups. So, for now, we are happy to keep these companies as your two largest investments, while always remembering that no stock market superstar holds their crown forever.
History shows bouts of stock market weakness associated with virus epidemics are, like the epidemics themselves, usually transient affairs providing buying rather than selling opportunities. We expect this epidemic will follow that same pattern. That said, the extended holidays imposed in China to control the spread of the virus will likely adversely impact some Q1 2020 earnings.

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