* Index = MSCI ACWI Total Return €

COMMENTARY ON PORTFOLIO PERFORMANCE – JULY 2022

Markets rebounded in July with both Equities and Bond values rallying well. Economic data provided further evidence of a slowing global economy and it is expected this will aid the easing down of the inflation rate and possibly reduce the need for interest rate rises somewhat. The anticipation of such a policy pivot supported risk assets over the month with Global growth stocks benefitting most.

Having a growth tilt meant the S&P 500 was the best performing equity index. The relative strength of the US dollar, which touched parity at one stage for the first time since 2002 also helped returns from a Euro investor perspective. The rise in Equities, Bonds and alternatives fed into a strong month of returns for all the main Acumen portfolios.