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