Insync Dec 2018 Fund Commentary

The Volatility Continues The level of volatility increased in December resulting in the worst December performance for global equity markets in decades. The major drivers included anxiety around the path of interest rate increases in the United States and the pace of quantitative tapering which has the impact of tightening credit conditions. Other contributing factors included trade tensions, oil plunging and uncertainty around future Trump policies. Both the equity market and the bond market are rapidly discounting an impending recession. December Fund Results Positive contributions originated from Tencent, London Stock Exchange, Wirecard, Intercontinental Hotel Group and PayPal Holdings. N

Insync Nov 2018 Fund Commentary

The Market Turbulence Continues November continues October’s turbulence. December will be similar. Volatility moved 1-2% daily and overall price pull-backs continued across all major markets. Whilst the level of volatility, as measured by the VIX index, remains elevated compared to the very low levels seen in 2017, they are still well below crisis levels. The trigger back in October of surging bond yields that finally had investors taking a cold hard look at the facts then, as always, overreacted across all industries, markets and stocks. Recent US Fed comments, trade wars, lunatic politicians and despots, slowing GDP in some regions, Brexit, Europe and anything else negative that added to p
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©2018 by Insync Funds Management Pty Ltd.

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The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.