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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 - August 2020 (print version)

August has seen a continuation of the stock market rally, once again led by the mega-cap technology stocks. During the month, the share prices of your four largest investments – NVIDIA, Apple, Microsoft and Adobe all increased by more than 10%. Each of these companies is integral to supporting the new ‘work from home’ revolution, which we now believe to be an irreversible structural change to business practice. We have made no significant changes to your portfolio of investments this month.

Despite the stock market strength, much of the real economy continues to suffer significant economic challenges resulting from the ongoing COVID-19 lockdown measures. Federal Reserve Chairman Powell acknowledged these challenges by announcing a new ‘Flexible Average Inflation Target’ (FAIT) policy paradigm this month. Under the FAIT system the FOMC will aim to generate periods of above target inflation to ‘makeup’ for any lost price gains during periods of below target inflation. Coming as it does during a period of below target inflation, the adoption of FAIT commits the FOMC to a very extended period of monetary stimulus, leaving little room for policymakers to pre-emptively address any perceived irrational exuberance in asset markets. For this reason, we believe FAIT may lead to higher stock market volatility for years to come.

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