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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 world. It is managed according to our core investment principles and uses the Equitile Fair Fee Model.

Latest Overview GBP - October 2018 (print version)

 

October has seen the worst performance for equity markets since the global financial crisis of 2008, however, we believe this setback will prove temporary. The Q3 earnings season in the US has been robust, suggesting to us the market declines have been driven more by a typical, albeit significant, bout of nerves rather than any deterioration in the economic fundamentals – see our latest Insights letter.

We were, unfortunately, not immune to these moves as both high-growth technology and luxury goods companies were all marked down significantly over the month. As a result, the year-to-date performance of your fund is now close to flat. The catalyst for the market correction was concern over a tightening of US monetary policy in the US. However, we believe, due to a healthy labour market, demand from the US household sector should remain robust in the face of this adjustment.

During the course of the month, we have divested from the luxury goods sector. While we expect high-growth technology led companies to continue driving economic growth, and therefore leading investment returns, we are concerned that Chinese demand for luxury goods may abate as China struggles with its domestic debt overhang.

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