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Investment Performance Review - May 2021

This year it seems a new theme dominates investor sentiment every two months and this month was no different with inflation being the newest buzz discussion.

By Mark Insley - Managing Director, Consulo Wealth Solutions & Cape Berkshire Asset Management

The latest investment performance details from our Discretionary Fund Management Partners, Cape Berkshire Asset Management.

With our bonds already well protected for duration drivers such as these, we had a great month vs benchmark even if the gross returns grinded out positive numbers sub 1% across the 5 portfolios. Writing this note in early June we have also come back up to recent highs in 7,100 barrier. We remain overweight UK Mid cap equity where the FTSE 250 is still some 8.4% below the highs of 2019 and 2020 pre-Covid.

All in all the portfolio does have a more value-driven feel to it. In the US, we have positions in dividend driven holdings that focus on the large utility stocks in particular as well as the S&P 400 which is viewed as US-centric rather than global majors that make up the Nasdaq and S&P. Clients seeing the new entrant of the 'iShares Clean Energy' and 'Pictet Clean Energy' should expect a volatile ride with us, buying these funds close to 50% down and are already seeing swings both positive and negative from entry. These were mid-month entry points so the number reported below will only be relevant from after a full month of holding in June. These funds are very heavy in the technology behind clean energy as opposed to just pure output and so are sensitive to interest rates, as many of the US technology companies.

After these entries, we enjoyed a strong second half of the month as both markets were stable allowing our corporate and high yield overweights to stabilise and collect return as well as the aforementioned recovery from a short term pullback in many equity indices. Interest rate and inflation predictions are here to stay but we remain happy with a fairly heavily invested portfolio at the minute and for 2021 to play out with a resumption to normality and no further COVID outbreaks.

As ever if you have any questions on positions or approach then contact us.

*These tables simply indicate CBAM's portfolio's over the stated time periods up to 31/05/2021.

**V2 versions of the portfolios use the identical asset allocations to V1 using Mutual Funds instead of Exchange Traded Funds on the basis of client size and client preference.


The value of your investment and the income from it can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.

Ancojada Limited is not authorised or regulated to provide financial advice.

All financial advice is provided by other regulated businesses.

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