Since global lockdowns have been relaxed, economic activity has improved. This was certainly the case in July. However, as COVID-19 cases continued to rise across many regions of the United States (US) during the month, we saw the US dollar weaken. Risk assets such as equities, credit, and global listed real estate enjoyed a positive month, and emerging markets outshone their developed market counterparts.
The Ashburton Global Strategy Fund reflects the macroeconomic house view of Ashburton Investments. From a tactical asset allocation perspective, the Fund currently has an overweight position in equities, compared to its long-term strategic asset allocation. This resulted in its exposure to cash being decreased slightly.
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