The global equity index (FTSE All-World) declined 4.3% in September with fears high over debt ceiling decisions and potential contagion from the failure of Chinese property developer Evergrande.

The Global Leaders Equity Portfolio (USD) returned 3.2% during the month. Economies look set to continue to recover from the pandemic. March saw the anticipated announcement of President Biden’s American Rescue Plan.

In January, the FTSE All-World Index modestly climbed by 0.6%. We saw a continuation of the equity returns pattern seen last year, with a large gap between a small number of winners and the rest of the market, and poor performance generally from Chinese equities.

The FTSE All-World Index declined 0.4% in January, while the Global Equity Growth Portfolio fell 0.1%.

Broadly flat during January which was pleasing given a falling market.

The trade war between the US and China continued to take centre stage for markets

Global risk assets pushed higher at the start of the month, but came under pressure following the release of surprisingly hawkish comments from the Fed.

Slower inflation market expectations shifted to suggest that we are now at or close to peak interest rates, with the Ashburton Global Equity Income Model Portfolio increasing by 2.1%.

China consumption continues while India rebounds after earnings results.

Within the portfolio one of the largest positions, Adobe declined 15% which provided the biggest negative contribution during the month.