Under the Bonnet

July was a month in which geoploitical brinkmanship came to a head, leading government and central bank policies to be reappraised globally.

  • Alex Savvides
  • Tom Matthews
18 Aug 2019
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  • July was a decisive month in which geopolitical brinkmanship came to a head, leading government and central bank policies to be reappraised globally and which ultimately may lead to a new market narrative.
  • Underperformance over the month was driven by the asset allocation preferences of a deeply defensive and mildly hysterical stock market.
  • Despite some shorter-term share price pressures, the Fund continued to experience positive news flow across the majority of its holdings, a consistent, but as yet largely unrewarded, theme this year.


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