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Global Strategy Fund: November 2022


  • At the start of November investor sentiment was driven by ongoing concerns around further monetary policy tightening by central banks and rising inflation.
  • Equity and bond markets continued to rally during the month after it gained some momentum towards the end of October. Policy makers in China introduced an easing of some restrictions which signalled that the country is moving towards the end of its zero-COVID policy.
  • All underlying sectors produced positive returns for November with Basic Materials being the best performer with a stellar return of +13.89%. Global equities, as measured by the FTSE All-World Total Return Index, rose to +7.86% over the same period.
  • Over the past month, value stocks outperformed growth stocks and is also ahead on a year-to-date basis.
  • Global bonds (as measured by The FTSE WorldBIG Index) had a good month returning +4.78%.
  • The Ashburton Global Strategy Fund priced for the last time in November, returning +4.61% between 26th October 2022 and 30th November 2022.
  • The concentrated equity manager, Epoch returned +7.70%, performing broadly in-line with the FTSE All-World Total Return Index.
  • The deep value equity manager, Lyrical and the concentrated equity manager, Mundane had positive returns for November although underperforming the benchmark with a return of +6.83% and +5.68% respectively.
  • The Chinese Market rallied during November and the small exposure to China via the Cederberg China Fund also participated with a stellar return of +38.16% for the month.
  • The small exposure to Franklin Templeton via the Templeton Global Total Return Fund had a positive return and outperformed Global Bonds with a return of +7.23% for the month.
  • With global bonds having a positive month, the global bonds exposure in the fund via the Colchester Global Bond Fund outperformed with a return of just under +6.00% for November.
  • The Ashburton Global Strategy Fund reflects the macroeconomic house view of Ashburton Investments, and subsequently the Tactical Asset Allocation of the fund was changed in in November 2022. The equities exposure was reduced from 65% to 61% and the fund is now at an underweight to its SAA. The Cash exposure was increased to 4%.