Fund Return 2019-2020

Fund return to 30 June 2019


Fund

Performance

 

1 month

Scheme Year to Date

1 Year

 

 

 

CERS Multi Asset Fund

2.4%

2.4%

4.0%

CERS Bond Fund

3.7%

3.7%

10.4%

CERS Cash Fund

-0.1%

-0.1%

-0.8%

CERS Equity Fund

4.7%

4.7%

5.6%

CERS Property Fund

0.0 %

0.0%

6.3%

CERS Alternative Asset Fund

0.7%

0.7%

2.3%


Investment Commentary


Provided by Mercer - CERS Investment Adviser

Market Developments

The uncertainty of the US-China trade war returned to the marketplace in May. In particular, Donald Trump moved ahead with tariff increases on $200bn of Chinese goods and suggested he may impose further tariffs on additional $300bn worth of Chinese imports. In response, China retaliated by increasing its tariffs on some US goods. As a result, the ‘trade deal’ that most people were expecting seems unlikely for now as tariffs have increased, not decreased. The associated uncertainty sent equity markets much lower with emerging market equities (particularly Asia) and US equities falling by more than 6% in local currency terms. Commodities, in line with a risk-off market reaction, fell sharply, led by oil. In fixed income markets, government bonds rallied with the yield on US 10-year bondsdropping to just over 2.1%. In currencies, the Japanese Yen rallied while emerging market currencies sold off.

Economic Data

Global economic data has been weaker recently. The US economy, however, is still in good shape. The US consumer is doing particularly well because new jobs are being created, wages are rising and inflation is at moderate levels. In the Eurozone, data was mixed as the manufacturing sector struggled but the services sector did well. The labour market is in good shape with unemployment at 7.6%, 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 3.8%, the lowest in 40 years. While the Japanese economy has struggled so far this year, a rebound in industrial production in April offered a glimpse of hope. In addition, the labour market is still healthy which should continue to support wage growth, in turn, aiding consumer spending. In the emerging world, Chinese data was mixed following a very strong March. Some other parts of Asia also showed some tentative signs of recovery. All of that, however, may reverse if the trade war continues to escalate further

NOTES

Scheme Year to date performance is the period from 1 June 2019 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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