Markets finished last week lower, as US markets recorded their first back-to-back weekly losses (in local currency terms) since October. Whether the recent slowdown is merely a ‘pause for breath’ following a strong run, or a more material reaction to interest rate expectations remains to be seen. Last week also marked one year since the collapse of several US financial institutions, most notably Silicon Vally Bank.


2022 was one of the worst years ever for multi-asset investing, so investors could be forgiven for having concerns (and perhaps even flashbacks to ’07-’08) as the drama unfolded in March 2023. However, contagion did not take hold and losses were relatively contained within the sector in question. Wider markets have rallied since, with Zurich’s International Equity Fund up 32% over the last 12 months. Hindsight is of course 20/20, but our process kept us invested in equities at the time (within Multi-Asset Funds) and helped deliver a strong 2023 calendar year performance. These active decisions, and their impact, can fade over time. However, whilst we don’t get every call right, adding incremental value on a periodic basis leads to long term outperformance.


As always, if you wish to discuss anything in further detail, please do get in touch.