April was a volatile month as investors reacted to the swingeing Trump tariff announcements negatively, but then regained some confidence as substantive carve-outs were announced. However, US dollar weakness was sustained and impacted US equity returns for UK-based investors.
The Funds’ alternative assets produced another month of consistently good returns. Within real estate, Target Healthcare and Assura were strong on the back of merger and acquisition activity and HICL Infrastructure and International Public Partnerships responded well to the more positive tone in the gilt market.
Within the US equity market, the Artemis US Select fund performed relatively well, however smaller-sized companies lagged and this impacted the performance of the T. Rowe Price US Smaller Companies fund. Elsewhere, the Blackrock European Dynamic fund produced a positive return ahead of its benchmark.
The Funds’ direct UK equity portfolio lagged the market by a small amount. Whilst Shell and BP fell on the back of the declining oil price, some of the Funds’ less economically sensitive, quality compounders (such as RELX, Auto Trader and Experian) outperformed.
Prior to the market falls, we reduced US equity exposure somewhat and added to cash.
During the turmoil, we reduced exposure to international equities further but recycled this into some existing UK equity holdings (Convateq, Cranswick, CRH, and Weir Group), that had been hit hard, but we believe will be able to deliver ‘whatever the weather’.
Following a rebound in markets, we reduced international equity risk further and added to diversifying assets. The Trump administration is attacking the foundations of the developed world’s economic, legal and cultural frameworks. This is unlikely to have a positive impact on profits growth and equity market multiples.
Contact us
0203 418 0257
info@onekc.co.uk
References
Source: https://www.brooksmacdonald.com/individuals/resources/insights/cornelian-risk-managed-funds
Cornelian Risk Managed Funds
April was a volatile month as investors reacted to the swingeing Trump tariff announcements negatively, but then regained some confidence as substantive carve-outs were announced. However, US dollar weakness was sustained and impacted US equity returns for UK-based investors.
The Funds’ alternative assets produced another month of consistently good returns. Within real estate, Target Healthcare and Assura were strong on the back of merger and acquisition activity and HICL Infrastructure and International Public Partnerships responded well to the more positive tone in the gilt market.
Within the US equity market, the Artemis US Select fund performed relatively well, however smaller-sized companies lagged and this impacted the performance of the T. Rowe Price US Smaller Companies fund. Elsewhere, the Blackrock European Dynamic fund produced a positive return ahead of its benchmark.
The Funds’ direct UK equity portfolio lagged the market by a small amount. Whilst Shell and BP fell on the back of the declining oil price, some of the Funds’ less economically sensitive, quality compounders (such as RELX, Auto Trader and Experian) outperformed.
Prior to the market falls, we reduced US equity exposure somewhat and added to cash.
During the turmoil, we reduced exposure to international equities further but recycled this into some existing UK equity holdings (Convateq, Cranswick, CRH, and Weir Group), that had been hit hard, but we believe will be able to deliver ‘whatever the weather’.
Following a rebound in markets, we reduced international equity risk further and added to diversifying assets. The Trump administration is attacking the foundations of the developed world’s economic, legal and cultural frameworks. This is unlikely to have a positive impact on profits growth and equity market multiples.
Contact us
0203 418 0257
info@onekc.co.uk
References
Source: https://www.brooksmacdonald.com/individuals/resources/insights/cornelian-risk-managed-funds
Related Articles
19/05/25: Trade talks progress, defense deals & United Health tumbles
With trade-war tariffs largely paused for now, expect markets to look elsewhere for direction this week