The Ashburton Global Multi-Asset Fund range delivered a positive performance during the second quarter, with the Global Growth Fund rising 2.4%, the Global Defensive Fund up 1.4% and the Sterling Asset Management Fund delivering 1.3%.
The Ashburton Chindia Fund (I class US$) rose 7.3% during the month of June which was in line with the Emerging Market (EM) Index.
In line with the continued positive move in equity markets, the multi-asset funds delivered another positive month.
May saw the fund decline 2% compared with the MSCI Emerging Market Index’s return of 0.8%, the Indian index decline of 2.5% and the Chinese index decline of 0.5%.
Chinese and Indian equity markets bounced back in April, after notable sell-offs in March, with India performing particularly strongly. There was no trading activity during the month and no notable disappointments.
Global equity markets were buoyed by optimism that the worst of the Covid-19 pandemic was over, as the rate of new cases of infection declined in most countries. The notable exception was in the USA where total cumulative cases passed the one million mark.
COVID-19 wreaks havoc across global economies and India is no exception despite strong governmental measures during a 21-day pan-India lockdown, and a well-timed round of fiscal and monetary stimulus.
The actions by governments to reduce the humanitarian impact of the very rapid spread of Coronavirus is leading to a huge, though likely temporary, reduction in economic activity.
The United States (US) feels the pain, as initial jobless claims first hits 3.3 million and then doubles to 6.6 million by end of March, indicating as the extent of the economic slowdown begins to show
The Coronavirus contagion into real economic activity points to dramatic slowdown and global equity markets subsequently decline dramatically with FTSE All World Index down 8.2% in February