Media Type: Read

Opportunity knocks – Fund performance was broadly positive in October, building on the positive returns seen since mid-year. This performance has come despite ongoing weakness in financial markets over the past few months.

August was a volatile month with global share prices moving sharply higher, and then lower as the month progressed. As we wrote last month, we were sceptical of the recent strength in share markets and have maintained a cautious position in our funds, reducing exposure even further during August. For this reason, monthly fund returns are only modestly negative despite significantly weaker share and bond markets.

Industry in transition Shell Plc. is one of the largest players in the global oil and gas industry. Given profits…