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Performance Monitor

Updated: Aug 18, 2021

Update on Portfolio Performance from our DFM Partners, Cape Berkshire Asset Management.


June was a positive month for all the portfolios delivering between 0.76 and 1.19 returns. When comparing June to other months in the quarter, the lower risk portfolios had a better risk-adjusted month in nearly matching equity-driven returns.

The portfolios continue to feed off risk and as much as we are at record US market levels, it's where money continues to flow and the economic outlook still has such positive news flow. June saw house prices especially in the US taking off although the timber market has taken a flash pull back with the year-long home refurbishment and improvement being replaced with people leaving their houses. There is no concern for the wider market but we do look at timber prices as internal growth and economic recovery monitor.

It's another positive month on returns with the next targets getting our mid-range portfolios well clear of the 5% mark they have already reached mid-year.

CBAM Portfolio Perfomance

*These tables simply indicate CBAM's portfolio's over the stated time periods up to 30/06/2021.

**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.

Note From The Investment Team

June portfolio returns ranged from CBAM1 V2 returning 0.73% to CBAM5 returning 1.71%. We saw a wider spread in portfolio performance given the higher volatility in the first few weeks and the eventual risk-on consensus (despite some preceding monetary policy anxiety).

In the June meeting, the Federal Reserve bank indicated there may be a shift towards tapering monetary policy and expectation has been for an increase in interest rates in 2023 to combat inflation which may not be as "transitory" as initially expected. However, there is likely to be some relief on inflation as supply bottlenecks ease with more companies returning to pre-Covid levels of output. In the UK, the Bank of England Monetary Policy Committee voted to keep the base rate unchanged at 0.10% and to continue its asset purchase programme striking a dovish tone which should bode well for risk on assets going forward.

As per last note we continue to see a strong Indian equity performance proving resilient in spite of high number of covid cases in the country. In the broader context, many countries are currently struggling with managing the more transmittable delta variant of the virus which will likely cause headwinds for risk-on assets in the event of a new wave. We are also beginning to see returns coming from last months trade into clean energy near the bottom of trough from last year highs in portfolios 3-5 and remain positive on the space going forward. Brent crude prices continued an inflationary surge above $75/barrel early July due to demand pressures from re-opening economies and OPEC+ production disputes leaving uncertainty on how much oil will be on the market next month.

Given the backdrop of the above factors, over the month of June, the best performing funds were L&G Global Health & Pharmaceuticals, Alquity Indian Subcontinent and iShares Global Clean Energy whilst the worst-performing funds were Ninety One Global Gold, iShares Physical Gold and HSBC FTSE 250 Index.

We continue to closely monitor these and other developments that influence the performance of the portfolios on an ongoing basis.


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Past performance is not a reliable indicator of future performance.

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