PMS Monthly Performance Update July 2017

IBOSS MPU July 2017

It has been another positive month for the PMS with each portfolio outperforming their respective benchmarks across the board. Whilst this is very positive, it is the risk metrics of the portfolio which continue to warrant the bulk of our attention, as we assess whether the portfolios have outperformed due to good fund selection and asset allocation or by taking on excessive risk.

The US continues to languish relative to the rest of the world and as with the UK, some of this performance / underperformance is due to currency. Essentially, the dollar continues to weaken against a basket of other currencies due to weak and ineffective political leadership and the Feds recent failure to commit to a specific “unwinding the balance sheet” date.

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Old Mutual Wealth

Old Mutual Wealth (Income/Ethical/Equity)

Novia

Novia (Income/Equity)

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