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December 29, 2025
November net performance was a positive +1.09%. The month welcomed data back from the BLS after the longest Federal shut down in US history. The data itself was muddied by insufficient polls or backdated to September and therefore outdated. However, on balance it pointed to weakening inflation and retail sales, against that, reduced employment is yet to materialise.
December 23, 2025
Many market indices showed limited month-on-month movement; however, this masked significant intra-month volatility across numerous markets. The S&P 500 ended the month up 0.25%, despite having been down more than 4.5% at its intra-month low, or 5.75% off its 29th October local peak.
December 23, 2025
In November, the fund returned +0.1% with positive performance from Brazil and South Africa, as gold and other commodities resumed their positive trajectory. Conversely, profit-taking in AI-linked equities from South Korea and Taiwan were the main areas of weakness.
December 23, 2025
During November the strategy outperformed the MSCI Emerging Markets Index by 1.7% in what was the first down-month for our markets since the start of the year. The stronger performance was driven primarily by stock selection which limited downside in the portfolio.
December 22, 2025
Global markets were mixed in November, following several months of strong gains. Volatility rose as concerns over stretched AI-related and technology stocks resurfaced, prompting a rotation into defensive sectors such as healthcare and consumer staples, while the technology sector faced its largest decline since March.
December 11, 2025
Global markets were mixed in November, pausing after several months of strong gains. Volatility increased as concerns over stretched AI-related and technology stocks resurfaced, prompting a rotation towards defensive sectors such as healthcare and consumer staples, with the technology sector being challenged, and recording its biggest decline since March.
November 27, 2025
During October the strategy lagged the MSCI Emerging Markets index by 0.8%, even as markets continued rallying. This was primarily due stock selection in Taiwan, where TSMC continued setting the pace. Other markets were mixed with a good recovery in Argentina after the elections but weaker performance among other Latin American markets.
November 27, 2025
October saw strong equity market performance globally, accompanied by a rally in global risk-free rates. The S&P 500 gained 2.3%, while the Nasdaq rose 4.8%. In Europe, major indices also finished higher, with the Eurostox 50 up 2.5% and the FTSE100 advancing 4.1%. Gold ended the month up 3.7% at $4,000, though this remained about 10% below intra-month highs of $4,400. Equity gains were led by technology stocks, with the tech component of the S&P 500 up 6.2% for the month.
November 27, 2025
The fund rose 4.4% in October. South Korea remains the standout performer, and together with good returns from Taiwan made Technology the strongest performing sector.
November 27, 2025
October net performance was a positive +0.59%. The month was more active after the summer doldrums, kicked off by a spat between the US and China over access to rare earth metals and Trumps’ immediate proposed 100% tariff retaliation tipping the recessionary odds again.
November 19, 2025
October saw strong equity market performance globally, accompanied by a rally in global risk-free rates.
November 12, 2025
Continued enthusiasm around AI, coupled with news of a trade agreement between the US and China – under which the US reduced tariffs and Beijing eased restrictions on rare earth exports – helped drive global equities higher for the second consecutive month.