It has been a very positive month for equity markets, where we maintain an overweight exposure within portfolios, with Gilts having seen only marginal gain over the month.

Politics and currencies have again been the main drivers behind the gains with the weakness of the Pound against the Euro resulting in the UK and European markets performing so strongly, as demonstrated below.

Focusing on the General Election, markets have benefited from the depreciation of the Pound as the gap in polls has narrowed between the Conservatives and Labour. At this stage we do not believe that there is a need to alter or change our portfolios in fear of a hung parliament or Labour victory but will continue to monitor the situation closely given that anything other than a Tory majority would most likely have a detrimental effect on the UK equity market.

Away from our election, there has been a lack of activity in implementing pre-election promises made by Donald Trump and whilst we are not overweight towards US equities, we are considering our positioning going forward.

Our portfolios have performed well over the month given our overweight towards equities (versus fixed interest) and for now we remain fully invested.

The Booler Investment Committee