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Monthly Portfolio Changes
This month we made several changes to the portfolios. In fixed income, we took profit on our broad allocation to emerging market local currency debt and invested the proceeds into Chinese government bonds. The Chinese government is committed to liberalizing its capital markets and the main index providers are just starting to phase Chinese government debt into their benchmarks. In equities, we made changes to our smart beta exposure by rotating towards a broad global multi-factor ETF. We did not make any changes to our investments in commodities and property this month.
Please see below our monthly Sterling chart, showing the month end GBP/USD rate of 1.21, 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 2020.
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.