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Our Funds

The Equitile Resilience Fund (UK-domiciled) 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.

The Equitile Global Equity Fund (Ireland-domiciled ICAV) follows the same strategy and principles as the Equitile Resilience Fund. The lastest update and other documents can be found here. 

Equitile Resilience Fund

Latest Overview - December 2021  (Print version: GBP Class, USD Class, EUR Class, NOK Class)

We would like to wish all our clients and readers a very happy and prosperous 2022. We have enjoyed 2021 from an investment perspective, but in many other ways it has been less fun. Hopefully, the coming new year will see a return to a more normal, less restricted, economy and society.

The strong investment returns of 2021 were driven by a continuation of the bounce back from the lockdowns of 2020, augmented with aggressive monetary stimulus. During 2021, inflation moved sharply higher while central banks made only very minor adjustments to their official interest rates. As a result, in real terms, monetary policy became significantly more stimulative during the year. As we look into 2022 we expect both the pace of economic recovery and the pace of monetary easing to become less supportive of equity markets. Nevertheless, investors in bond and money markets are now facing, potentially, years of materially negative real returns. This, in our view, is likely to continue supporting the more inflation-protected equity markets for the foreseeable future.

During the year your returns were again driven by your investments in high growth technology companies, especially those involved in various aspects of the semiconductor manufacturing process, where shortages remain significant. The fund has maintained significant semiconductor exposure throughout 2021 and, for now we anticipate continuing to do so into this new year. Apple, your third largest holding, reached another landmark at the turn of the year briefly becoming the world’s first 3 trillion-dollar company. 

Once again market commentators are marking the start of the new year with predictions of a sharp style rotation from growth to value stocks. From memory, this is the fifth consecutive year when this forecast has been in vogue. We are open minded on the issue, but do not place particular significance on the change in calendar year. That said, to paraphrase Mr Keynes, if the facts change, we will not hesitate to change your portfolio.

We are very much looking forward to 2022 and hope to be meeting more of you face-to-face during the year.

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