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Peter Fitzgerald
“We debated neutralising our overweight to growth in the US equity market at our recentinvestment meetings. We have held this position profitably for some 18 months via the UBS US Growth fund. So when we learnt that the lead manager had departed, the decision to sell our holdings was relatively easy. While fund groups will try to assure investors that a departure of a manager will not result in any changes, we generally prefer to err on the side of caution and will more often than not sell. In this case we have simply moved out of the UBS US Growth fund and invested in a US tracker.”
Gary Potter and Rob Burdett
“Fundamentals lost to economics and politics in April, with imminent French and Greek elections and variable data from the US and Europe overshadowing a reasonable corporate earnings quarter from US companies reporting thus far. European equities were the worst performers with Asian markets the best. Findlay Park American fund was our best performer, though it was another US fund – Janus US All Cap Growth – bringing up the rear of the table again. We remain constructive on the longer-term outlook for markets given the health of corporate balance sheets, but expect more volatility in the shorter-term.”
Global Private Banking Awards 2023
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