Acumen Portfolio Performance YTD 2022
Commentary on Portfolio Performance – April 2022
Both the equity and the bond markets fell in April making it a difficult month for multi asset portfolio investors. Markets had priced in a higher likelihood of a 0.5% rate hike being announced at the Fed’s May meeting. That is the biggest US rates hike in 22 years. European inflation data climbed to a record 7.5% year-on-year increase largely driven by energy prices, which rose by c.45% over the year, as the effects of the war in Ukraine start to feed through to official statistics.
Most Q1 corporate earnings so far beat expectations but the lacklustre outlook forced equity returns lower over April. Alternatives such as Gold and Commodities pushed ahead while infrastructure, supported by steady income flow, remained quite resilient. China’s zero-COVID policy adds more