Fund Return 2018-2019

Fund return to 30 April 2019


Fund

Performance

 

1 month

Scheme Year to Date

1 Year

 

 

 

CERS Multi Asset Fund

1.8%

3.9%

5.2%

CERS Bond Fund

-.0.2%

5.0%

4.7%

CERS Cash Fund

-0.1%

-0.8%

-0.8%

CERS Equity Fund

3.4%

6.0%

8.5%

CERS Property Fund

1.1 %

6.2%

6.7%

CERS Alternative Asset Fund

0.7%

2.3%

1.5%


Investment Commentary


Provided by Mercer - CERS Investment Adviser

Market Developments

Risk assets such as equities continued to rally in February. Developed market equities gained over 3% as the US administration decided not to impose further tariffs on Chinese exports and the US Federal Reserve continued to emphasise ‘patience’ in their interest rate policy guidance. Emerging market equities were broadly flat in US Dollar terms. High yield bonds continued to perform well, returning 2.3%. Defensive fixed income assets fell as government bond yields rose modestly. Commodities rallied (1%), driven by higher energy prices. The US dollar appreciated.

Economic Data

Global economic data has recently softened. In the US, however, the outlook remains positive. Gross domestic product grew 2.6% p.a. in the last quarter of 2018, capping a strong year for the economy. 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, economic data was noticeably weaker as the manufacturing sector fell into contraction. That however is offset by a still strong services sector. The EU labour market continues to see falling unemployment, with current rates at 7.8%, the lowest since 2008. In the UK, economic growth remained soft due to uncertainties around Brexit. However, the labour market remains strong, with the unemployment rate at 4.0%, close to the lowest in 40 years. The Japanese economy got off to a poor start to the year with industrial production and retail sales falling sharply in January. That is offset by the still healthy labour market which should continue to support wage growth in turn aiding consumer spending. In China, we saw a pick-up in manufacturing new orders which is likely driven by the most recent stimulus measures.

   

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



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