To provide medium to long term capital growth on a medium risk basis by investing primarily in a diversified portfolio of units/shares of collective investment schemes, and transferable securities, on a global basis.
During March, the unit bid price of the Marlborough Balanced Fund declined by 2.88%, against the Morningstar Balanced Managed Sector average fall of 2.65%.March saw a resumption of the decline in equity markets, on this occasion however, markets became so technically oversold that it is likely that they formed a more durable bottom. Of the main markets, Europe led with an increase of 1.63% (FTSE World Europe ex-UK). All other main markets ended the month down, the US (S&P 500 Composite Index) ended down 0.38%.This was followed by the UK, Japan and Far East, with the FTSE 100, Nikkei 225, and FTSE Pacific ex-Japan indices down 3.10%, 3.61% and 3.84% respectively. Finally the MSCI Emerging Markets Index closed the month down 4.13%. Of the BRIC economies, only the Russian Trading System closed the month up, with a return of 2.06%.Two funds ended the month in positive territory, the Marlborough High Yield Fixed Interest and the Marlborough Global Bond funds with gains of 3.62% and 1.22% respectively. The JPM Japan and Marlborough Bond Income funds followed with declines of 0.54% and 0.83%.
Markets do not move up, or down for that matter, in straight lines. Short term however, they do seem to have broken out of their downtrend from December last year. To maintain this view, markets will have to hold the 17th March intraday lows. Negative news reports continue to highlight a high level of fear and uncertainty in markets, but don't bull markets climb a wall of worry?