The returns from the Managed Passive Portfolios as you moved down the risk scale, inline with their decreasing equity content. Returns ranged from a 0.2% gain for the Managed Passive 3 Portfolio to a 1.8% loss for the Managed Passive 10 Portfolio.
Markets ended February in a weaker position, particularly in the US, with running estimates of real GDP growth sharply declining. Against this backdrop, our US equity holdings fell while European equities posted gains – boosted in some part by the election result in Germany. Meanwhile, fixed interest rallied and our ad hoc rebalance in the middle of January, where we added to our traditional fixed income exposure, helped returns.
