Dear friends, family & colleagues,
You likely have been following the news in recent days and months in regards to trade with China and Brexit. With an uncertain trade-truce between China and the US and Theresa May's negotiated deal looking unlikely to get through parliament in its current form, our equity holdings have once again been at the forefront of our minds.
This year in global equity markets has been characterized by one very simple trend; US markets up, everywhere else down with very little distinction between them. Our portfolios have certainly enjoyed this performance as our portfolios are US over-weighted. In the last couple weeks, the US market has fallen as well, at least in part to the US/China trade war.
Our positions have helped mitigate the worst of these drawdowns. We will look to purchase positions if and when prices become overly attractive and maintain hedges in our portfolio, such as fixed income and commodities.
We remain confident that your portfolio is positioned for growth, albeit with some volatility in the near term.
As always, please don't hesitate to reach out with any questions that you may have and/or if we can be of assistance in any way.
All the best,
Rob