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Global Strategy Fund: May 2021


  • Global equity markets had another reasonable month, as economic data was positive due to developed market’s reopening and a positive sentiment as COVID-19 vaccines are being rolled out.
  • Growth stocks performed better in April, putting an end to the trend since the start of the year where value stocks outperformed growth stocks. 
  • Global equities, as measured by the FTSE World Total Return Index returned 4.4% for the month.
  • It was a positive month for global bonds, after a tough start to the year, with government bonds (as measured by the FTSE WorldBIG Index) ending the month with a return of 1.2%.
  • The Ashburton Global Strategy Fund priced for the month of April, returned +2.49% (this is the NAV on NAV move between 31 March ‘21 and 28 April ‘21).
  • All the underlying exposures within the Ashburton Global Strategy Fund posted a positive return for the month. 
  • Within the equity allocation, the exposures to the Mundane World Leaders Fund and AB Global Real Estate Securities Portfolio outperformed the equity index; 1% and 2.1% respectively. The deep value exposure via Lyrical, had a decent month, returning 4.3%. 
  • Chinese equities had a strong start to the year, and the exposure to the Cederberg Greater China Equity Fund returned 9.4% for January 2021. This performance however was reversed in February and March.  Cederberg Greater China Equity Fund saw a slight comeback in April ending the month with a positive return of 0.7%.
  • Global bonds have produced positive performance for April, resulting in Colchester Global Bond Fund to return 1.6%.
  • The Franklin Templeton Global Total Return Fund remains low duration and had a positive performance of 1.5% for the month.
  • The Ashburton Global Strategy Fund reflects the macroeconomic house view of Ashburton Investments and post the implementation of the new Strategic Asset Allocation in January 2021, there have been no changes made from a tactical asset allocation perspective.