Global Strategy Fund: April 2023


  • Heightened volatility and uncertainty within global markets have led to mixed performances across key regions over the month. Inflation levels in the US continue to taper downwards, a major driver for investor optimism.  Most of the underlying equity sectors produced positive returns for April, with Energy leading the way with a return of +3.8%. Global equities, as measured by the FTSE All-World Total Return Index returned +1.6% for April.
  • Value stocks modestly outperformed growth stocks over the past month.
  • Global bonds (as measured by The FTSE WorldBIG Index) once again had a positive month returning +0.7%. 
  • The Ashburton Global Strategy Fund priced for the last time in April, returning +1.9% between the 29th March 2023 and the 26th April 2023. 
  • The star performer for the month was the concentrated equity manager, Mundane, which returned +2.8% while the core equity manager, Epoch, also recorded positive returns for April of +2.0%, both outperforming the global equities index.
  • The US deep value manager, Conventum Lyrical ended the month in the red with a return of -2.2%. The negative performance was driven by the portfolio not having exposure to consumer staples that produced a strong return for April.
  • Global bonds ended the month in the green; however, the exposure via the Colchester Global Bond Fund returned -0.3% for April, underperforming the index. 
  • The funds small exposure to Gold had a positive month returning just under +0.6%.
  • 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 November 2022. The equities exposure was reduced from 65% to 61% and the fund is now at an underweight position to its SAA. The Cash exposure was increased to 4%.

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