UK: Suitable for retail and professional clients.
The third quarter, while ending on an overall positive note, was something of a step change from the strong recovery seen towards the end of the second quarter. While investment markets made steady progress in July, August was a surprisingly strong period for investments, with major US indices reaching decade highs in what is traditionally a quiet summer holiday period, before a stumble by technology stocks in early September saw some of those gains eroded.
its peers.
environment.
life to return to ‘normal’?
Regards,
Paul Craig Rasmus Soegaard
A note from yourportfolio managers Paul
CraigRasmus
Soegaard
Equities
Market overview
their feet.
Commentary and analysis from your portfolio managers
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Continued on next page
(All data in sterling terms and rounded to one decimal place unless otherwise stated.)
Performance analysis
demonstrates the impact of successful stock picking.
value strategies.
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Changes to the portfolio over the quarter
Activity Fund name Manager Rationale
Sold Invesco European Invesco
Increased BlackRock
Tracker Fund
BlackRock Asset
Sold
Increased Berkshire
improvement in the coming months.
IncreasedOpportunities Fund International
IncreasedInternational
ReducedAsset exiting manager has such faith in his co-manager, team and process that he is leaving
IncreasedSelect Fund
Granahan
Fixed Income
Market overview
Portfolio managers’ outlook (equities)
challenges of the ongoing pandemic, US elections and Brexit negotiations.
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(All data in sterling terms and rounded to one decimal place unless otherwise stated.)
Performance analysis
some overseas assets.
Changes to the portfolio over the quarter
Activity Fund name Manager Rationale
New
as he seeks to recreate his previous portfolios.
New
as he seeks to recreate his previous portfolios.
New
as he seeks to recreate his previous portfolios.
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Alternatives
Overview
environment.
Performance analysis and changes to the portfolio
Portfolio manager’s outlook (alternatives)
recovers.
look attractive.
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of
overseas investments to rise or fall.
.
prospectus.