TAVISTOCK PB PROFILES
April 2017 Performance
Prime Minister Theresa May finally succumbed to the mounting pressure from within the Conservative Party to hold an early general election on the 8th of June 2017. This is a calculated risk and is likely to be a shrewd move that will redefine the UK political landscape for the next five years. The opposition parties remain in complete disarray and polls indicate that the Conservatives will increase their majority in the House of Commons to over 150 seats, which will give the government a stronger mandate in the difficult Brexit negotiations. Sterling surged 3.20% versus the US dollar to 1.29 and the mid-cap FTSE 250 climbed 3.39%. The large-cap FTSE 100 fell -1.62% in response to the rally in the pound. Emmanuel Macron of the social-liberal party En Marche! won the first round of the French presidential election and will enter the second round as the strong favorite to defeat Marine Le Pen of the right-wing National Front. These political outcomes are good omens for the continuation of economic growth on both sides of the English Channel. The enigma of the Trump administration is gathering pace and his 100-day report card is difficult to interpret. US equity markets continue to believe in his pro-growth agenda, but have been frustrated with the lack of detail in his tax reform package and are increasingly concerned about military conflict with North Korea. The S&P 500 rose 0.91% and the MSCI World climbed 1.33%. Government bond markets in the UK and US offer a safe-haven refuge amidst the growing tension in Northeast Asia, but ultimately the rise in inflation will undermine current valuations. Commodity markets traded lower as the GSCI fell -2.18%. Crude oil declined -2.51% to close at $49.33 per barrel. Geopolitical risks remain high, but economic fundamentals are improving in much of the world, which bodes cautiously well for performance during the remainder of the year.
Tavistock PB PROFILE 3
Tavistock PB PROFILE 3 returned -0.12% in April and the IA Mixed Investment 0-35% Shares sector rose 0.06%. The profile has a rolling 1-year return of 7.43%.
Tavistock PB PROFILE 4
Tavistock PB PROFILE 4 returned -0.15% in April and the IA Mixed Investment 20-60% Shares sector rose 0.04%. The profile has a rolling 1-year return of 10.88%.
Tavistock PB PROFILE 5
Tavistock PB PROFILE 5 returned -0.16% in April and the IA Mixed Investment 20-60% Shares sector rose 0.04%. The profile has a rolling 1-year return of 13.24%.
Tavistock PB PROFILE 6
Tavistock PB PROFILE 6 returned -0.02% in April and outperformed the IA Mixed Investment 40-85% Shares sector, which fell -0.06%. The profile has a rolling 1-year return of 16.47%.
Tavistock PB PROFILE 7
Tavistock PB PROFILE 7 returned 0.33% in April and outperformed the IA Flexible Investment sector, which fell -0.26%. The profile has a rolling 1-year return of 22.04%.
Tavistock PB PROFILE 8
Tavistock PB PROFILE 8 returned 0.60% in April and outperformed the IA Flexible Investment sector, which fell -0.26%. The profile has a rolling 1-year return of 24.45%.
Tavistock PB Income
Tavistock PB Income returned -0.66% in April and the IA Mixed Investment 20-60% Shares sector rose 0.04%. The profile has a rolling 1-year return of 13.24%.
The value of investments held in the ACUMEN Portfolios or CIP PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. The Tavistock PB PROFILES are a white-labelled offering based on the DFM Portfolio Management Service provided by PB Financial Planning Limited, a wholly owned subsidiary of Tavistock Investments Plc. PB Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. The inception date of the PB Financial Planning DFM Portfolio Management Service is 18/02/08. All Tavistock PB PROFILE performance data up until 31/12/16 has been provided by PB Financial Planning Limited and has been calculated using FE Analytics. As of 01/01/17, all Tavistock PB PROFILES invest in a blend of the ACUMEN Portfolio range. All performance data thereafter is provided by Tavistock Wealth Limited. Source of data: PB Financial Planning Limited, Tavistock Wealth Limited, FE Analytics, Thomson Reuters and Lipper for Investment Management unless otherwise stated.