It’s been quite a March for markets; we had the banking collapses of SVB, Signature, and Credit Suisse – and we still several other names coming under pressure. . We’ve had rate hikes from the Fed, ECB, and BoE along with several smaller global central banks. Inflation has continued to prove stubborn, and markets have been volatile. All the above makes for great headlines and hyperbole; and makes for compelling reading.


But what has the effect really been for long term investors?


For those who invest in a diversified fund (across asset classes, regions, and sectors) with a robust governance frame work and consistent investment process – the effects have been minimal. Through the lens of our top down active investment process, we continue to have a strong emphasis on the economic cycle and the path of monetary policy. The consistent twin focus of asset allocation and security selection remains a priority. For example, our most popular fund Prisma 4 – notwithstanding a poor 2022 for markets – is positive year-to-date, and down less than 1% since the start of March.


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