Fund manager commentary
Global equity markets moved ahead during May against a backdrop of improving data from a number of major economies. Growth estimates were revised up for the UK and the US and in Europe it appears that the worst was past and activity levels were rising leading to a rise in overall confidence levels. Asian and Emerging Markets also recovered sharply continuing a trend evident of the last three months. Against this background the FTSE All Share Index rose a further 1.4% whilst that of the FTSE Equity Investment Instruments Index gained 2.4%.
The Net Asset Value of the Income Portfolio rose by 1.5% whilst that of the Growth Portfolio was ahead by 2.0%.
As at 30 June 2014
The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market movements. Past performance is not a guide to future performance. When you sell your shares, you might get back less than you originally invested. If markets fall, gearing can magnify the negative impact on performance. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Emerging Markets, Unquoted Companies and Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in hedge funds or private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess.