Fund Return 2018-2019
Fund return to 31 May 2019
Fund
|
Performance
|
|
1 month
|
Scheme Year to Date
|
1 Year
|
|
|
|
|
CERS Multi Asset
Fund
|
-2.7%
|
1.1%
|
1.1%
|
CERS Bond Fund
|
2.0%
|
7.1%
|
7.1%
|
CERS Cash Fund
|
-0.1%
|
-0.8%
|
-0.8%
|
CERS Equity Fund
|
-5.7%
|
-0.1%
|
-0.1%
|
CERS Property Fund
|
0.1
%
|
6.3%
|
6.3%
|
CERS Alternative
Asset Fund
|
-0.7%
|
1.5%
|
1.5%
|
Investment
Commentary
Provided by Mercer - CERS Investment Adviser
Market Developments
Following the strong start to 2019, risk
assets continued to perform well in April. Developed market equities gained
3.8% (with Europe leading the way) as trade talks continued to bear fruit,
global central banks remained accommodative and company earnings surprised on
the upside. Emerging market equities returned 2.3%. Defensive fixed income
assets fell marginally as the yield on US 10 year treasuries rose to 2.5%. High
yield bonds posted gains as credit spreads tightened slightly. Emerging market
debt performance was mixed. Commodity prices were largely unchanged as rising
energy prices were offset by falling agriculture prices. The US dollar
appreciated slightly while emerging market currencies fell by 0.5%.
Economic Data
Global economic data has been weaker
recently. The US economy, however is still in good shape with the most recent
GDP figure stronger than expected (partially driven by temporary factors such
as inventory growth). The US consumer is doing well as the economy continues to
create new jobs, wages are rising and inflation is at moderate levels. In the
Eurozone, data continued to disappoint as the manufacturing sector struggled.
However, the EU labour market is in good shape with unemployment at 7.7%, the
lowest since 2008. In the UK, economic growth remained soft because of Brexit
uncertainty. However, the labour market remains strong, with the unemployment
rate at 3.9%, the lowest in 40 years. The Japanese economy has been struggling
this year with industrial production falling by 4.6% compared to where it was a
year ago. Sluggish growth is offset by a still healthy labour market which
should continue to support wage growth in turn aiding consumer spending.
NOTES
Scheme Year to date performance is the
period from 1 June 2018 to the most recent month shown.
1 Year performance is the cumulative
performance of the last 12 months to the most recent month shown.
Multi Asset Fund performance assumes no
lifestyling.
Performance shown is net of annual
management charge.
The investment choices offered by the
Trustee will be regularly reviewed and may be varied from time to time.
Before you choose a fund we recommend
that you speak to an Independent Financial Adviser. The CERS Trustee preferred
Independent Financial Adviser is Milestone Advisory DAC. You can contact
them or your own independent financial adviser to assist you to review your
investment choices. You can contact Milestone Advisory DAC at Canal
House, Canal Road, Dublin 6, at
info@milestoneadvisory.ie
or call them on
01 4068020. Their website is
www.milestoneadvisory.ie
.
If you require further information
please contact the CERS Team at
info@cers.ie