Looking back on August 2021


Key points

  • The Fund was up 1.0% in August
  • Markets are still struggling to establish a clear direction, particularly with Delta rampant
  • The main directional options are "pandemic", "recover" and "unsure" ... and right now it's unsure

Our monthly update for August 2021 is now available.

August was a modest lift for the Fund. Markets (understandably) are struggling to determine whether the Covid pandemic is beginning to fade, or has entered another prolonging phase. That favours traditional and defensive sectors such as banking and industrials, which the Fund is under-weight in because they don't offer the levels of growth we seek. But we are focused on the 3-5 year horizon not just this month. Meanwhile stocks we like are available at a discount.

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