ACUMEN ESG Protection Portfolio
Tavistock Wealth Literature
Dynamic Planner Literature
Monthly Portfolio Changes
In May, we made several changes to the portfolios. In fixed income, we increased duration in US investment grade credit, which should continue to benefit from ongoing Fed purchases. In equities, we sold our satellite allocation to Indonesia and initiated a new position in Chinese technology companies, which should continue to do well over the long run as the country transitions from an industrial economy towards a greater focus on services. In commodities, we entered a new position in Silver which adds real asset exposure to the portfolios and should outperform due to favourable supply and demand dynamics going forward. We did not make any changes to our investments in property this month.
ACUMEN Portfolio Holdings
Please see below our monthly Sterling chart, showing the month end GBP/USD rate of 1.23, which is below the 1, 5, 10 and 20-year averages. The chart also highlights Sterling’s purchasing power parity (PPP) as well as Capital Economics’ forecast for a return to 1.45 by the end of 2022.
The value of an investment in the Protection Portfolios, ACUMEN Portfolios or Tavistock PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. Source of data: Tavistock Asset Management Limited, Thomson Reuters and Lipper for Investment Management unless otherwise stated.