Fund Return 2018-2019

Fund return to 30 June 2018


Fund

Performance

 

1 month

Scheme Year to Date

1 Year

 

 

 

CERS Multi Asset Fund

-0.5%

-0.5%

4.3%

CERS Bond Fund

0.5%

0.5%

2.9%

CERS Cash Fund

-0.1%

-0.1%

-0.8%

CERS Equity Fund

-0.9%

-0.9%

7.4%

CERS Property Fund

-0.1 %

-0.1%

3.8%

CERS Alternative Asset Fund

-0.1%

-0.1%

-0.6%


Investment Commentary


Provided by Mercer - CERS Investment Adviser

Market developments

Headlines from investment markets in June were dominated by both politics and monetary policy.  We saw announcement of trade tariffs by the US on China with retaliatory action taken by the Chinese.

The US Federal Reserve increased interest rates as expected in June and also announced  its intention to raise rates twice more in 2018.

At its June meeting, the European Central Bank announced that it will phase out its Quantitative Easing programme by the end of 2018, Mario Draghi, the ECB President confirmed there would be no prospect of an increase in the ECB’s key lending rate until mid-2019 at the earliest. 

Over the month of June, global equities saw a relatively flat performance.  Emerging markets underperformed, with falls in both equity and debt markets.  These were impacted by the uncertainty surrounding the trade tariffs.  The US dollar remained steady versus the Euro compared to its appreciation in prior months.  

 

Economic data

The global economy remains in good shape, despite some signs of slowing from the rapid rate seen at the start of the year.

 In the US, the PMI was 55.4 in June, while this was down slightly from 56.4 in May, this continued to be at a high level representing ongoing expansion of the economy.  The US unemployment rate rose slightly to 4% and wage growth increased slightly, indicating ongoing tightness of the US labour market. 

In the Eurozone, the PMI fell from 55.5 in May to 54.9 in June. The labour market remains strong with unemployment at 8.4%, the lowest since 2009. 

In the UK, Brexit uncertainty persisted throughout June, but escalated into early July with the Chequers meeting and resultant ministerial resignations. 


NOTES


Scheme Year to date performance is the period from 1 June 2018 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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