Fund Objective

To provide medium to long term capital growth.

View on Past Performance

During March, the unit bid price of the Marlborough Global Fund declined by 4.87%, against the 3.53% fall in the Morningstar Global Growth Sector average.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%.Our top performing assets during the month were within the European and Japanese markets. The Digital Stars Europe Fund led with a gain of 1.03%. The JOHCM Japan and JOHCM Continental Select Values funds ended the month down 1.31% and 1.56% respectively. Finally, the Resolution Argonaut European Alpha Fund closed the month down 1.70%.

Future Expectations

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?

Fund Details