• Signs of an accelerating economic recovery were widely evident in April, particularly in countries where vaccination programmes are more advanced, such as the US and UK.
• We saw strong updates from numerous companies across the Fund, with mounting evidence that forecasts are materially too low due to a combination of the better-than-expected economic recovery and prudent expectation setting by management teams at the end of last year.
• As markets and the Fund continued to move higher in April, there was more evidence that the foundations of these moves are strengthening and that there remains material upside in the portfolio.
For professional investors only. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
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