November was a volatile month for global equities as the ongoing Eurozone crisis continued to dominate market sentiment.
At its worst during the month equities, as measured by the FTSE All-Share Index, were
down 7.2%. However, in the last few days a sharp rally recovered the majority of these
losses to leave the index down overall by 0.4%. With a reasonable portion of this rally
occurring on the last afternoon of the month some of the equity market gains were posted
after the last valuation point of the fund for the month and were therefore left to be captured as part of December’s reported performance.
During the month we extended our overweight allocation to US equities where some of the worst fears of the summer have subsided. Economic indicators have improved and many companies have reported stronger than expected earnings. In doing this we introduced the newly launched Polar Capital North American Fund to the portfolio. We also topped up exposure to the Far East ex Japan region through the Newton Asian Income Fund. Against this we reduced exposure to UK and continental European equities.
Factsheet commentary from the November 2011 T. Bailey Growth Fund.
Submitted by: Elliot Farley
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The value of your investment and the income derived from it can go down as well as up, and you may not get back the money you invested. When investing in retail unit classes, capital appreciation will be affected by the impact of initial charges and you should therefore view your investment as a medium to long-term holding.