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| Manager Comments | Global equity markets were mixed in March, with rises in the US and Japan offset by subdued European markets impacted by events in Cyprus, and by falls in the Chinese and HK markets. US data continues to be consistent with moderate economic growth, with the US corporate sector more inclined to hoard cash than invest. Europe remains mired in recession, with the Eurozone unemployment rate rising to 12% in February (over 19 million people), the highest rate ever recorded since the EU formed. China’s economy continues to grow but the rate of growth is likely to be lower than it was in the past decade. Markets are being held up by quantitative easing in more parts of the world now, with real growth hard to come by. Only the very best companies are likely to prosper in this sort of environment. The Fund’s unit price increased by 1.2% in March. The solid performance was driven by positive contributions coming from Sanofi, Reckitt Benckiser, Wyndham, BAT and IBM. The biggest detractor to performance was Oracle, which announced lower than expected quarterly earnings on the back of a problematic hardware transition. Insync’s approach is to focus on investing in exceptional businesses with high Return on Invested Capital, strong free cash flow, solid balance sheets, attractive valuation and a long track record of returning cash to shareholders through increasing dividends and share buy-backs. At month-end the Fund's investments had a weighted forecast yield of 2.68%, a PE ratio of 15.5 times and a Return on Equity of 21.5%. There was no currency hedging in place at the end of March. |
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