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 GBP - July 2018 (print version)
We are part way through the latest quarterly earnings season with numbers generally confirming that US led global growth remains strong. That said, market sentiment turned negative in the last few days of the month in response to lacklustre user data from Facebook, Netflix and Twitter. Although you are not invested in these companies the caution towards technology led growth stocks pushed your portfolio to a small loss for the month. While some of the FANGs, Facebook and Netflix, have been blunted, Apple, Amazon and Google look as sharp as ever. Apple’s numbers, which came after month end, looked especially impressive.
This month has been a relatively active month from the trading perspective. We have sold your investments in the defence sector and reduced your exposure to the semiconductor sector. The proceeds have been invested in medical products, pharmaceuticals, software and leisure related sectors. These changes have resulted in a small increase in geographical diversification – you now have investments in Denmark, Australia and Canada. We have also reclassified some of your investments from generic ‘software’ to ‘cyber security’ and ‘simulation software’, allowing us to better group companies with related underlying businesses.