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By Asset
Source: BNY Mellon Fund Services (Ireland) Limited as at 31.08.17
8. Includes private equity, mineral rights, funds, Liontrust Asset Management plc shares and other non-operating subsidiaries.
9. Cash quoted is centrally held cash. The equity portfolio may also hold cash as a result of trading by the underlying managers.
By Geography
Source: BNY Mellon Fund Services (Ireland) Limited and MSCI Inc as at 31.08.17
By Sector
Source: BNY Mellon Fund Services (Ireland) Limited as at 31.08.17
The view from our Investment Manager, 30 June 2017
As we conclude a quarter dominated by political headlines such as a snap general election in the UK, beginning of Brexit negotiations and the victory of the pro-euro and pro-reform Emmanuel Macron in France, equity markets were relatively unaffected as the MSCI ACWI traded largely flat (-0.1%) over June. Regionally, Europe and UK equities fell by -1.3% and -2.5% respectively as both sterling and euro rallied against the dollar. Emerging markets were the best regional performer over the month as the MSCI EM index returned 0.5%.
Outlook
In line with our previous commentaries, we continue to expect heightened volatility and increased dispersion within markets, providing an ideal environment for active stockpickers. We believe the portfolio remains appropriately positioned within this environment.
Read our Investment Manager’s report for more on our portfolio’s performance over the past month.
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