The quarter ending 30 September produced positive returns in the portfolio.
In a year of surprises, the quarter saw yet another anomaly – new all time highs in US markets in August – despite the backdrop of the worst economic conditions in a generation. August’s market gains were offset by falls in September and as was the case in the previous quarter, central bank and fiscal initiatives at emergency settings offered markets with ample support during bouts of weakness.
Looking ahead, portfolios are positioned for a potentially bumpy fourth quarter which includes the US election and the northern hemisphere winter which is already seeing growing numbers of COVID infections.
Find in-depth reports on each portfolio below: