Looking back on July 2021

Updates

Key points

  • The Fund was up 1.4% in July
  • Historically July has been a reliable "up month"
  • At the moment markets are struggling to settle on a direction

Our monthly update for July 2021 is now available.

Historically July has always been an "up month" for the Fund. There is a slight seasonality to financial markets, largely driven by quarterly earnings seasons and key tax dates, and that seasonality tends to give July a bit of a tailwind. This July continued that historical trend but at the same time this is still an unsettled market that is prone to daily volatility both up and down. Financial markets are still trying to perceive whether we're out of the Covid woods yet or not, and any given day can bring either positive or negative developments on that story, which then in turn drives the market's mood. We expect this nervous and directionless state to continue for several months yet.

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