The FTSE 100 made some headway in March, despite volatility along the way, finishing the month at 7,327, having started the year at 7,142. Our more defensively positioned UK equity income fund choices outperformed the market in March with many of the core holdings in tobacco and pharmaceutical companies producing steady returns.
It is impossible to make accurate macroeconomic predictions or know what the ultimate outcome of current political uncertainties will be. Rather than churning portfolios in reaction to short term events, creating transaction costs, or trying to guess outcomes, we prefer to focus on actively managed funds which are managed patiently. These funds predominantly invest in resilient companies which are less sensitive to economic and political influences. We had some very productive meetings with Neil Woodford and Richard Colwell in the last month. In the coming weeks we will meet with Francis Brooke of Trojan Income, Nigel Thomas of Axa Framlington UK Select Opportunities and William Lam of Invesco Perpetual Asian.