February involved a “game of two halves” in which stock markets fell significantly before recovering and eventually showing an overall gain. The FTSE100 at one stage was down nearly 9% before recovering to gain 0.82%.
Over the month the portfolios grew by between 1.67% and 1.72% and have outperformed against their benchmarks since the start of this correction.
Brent Crude oil is rebounding from its lows and this is stabilising equity markets. The best performing stock markets were Russia, Brazil and Canada which are all big commodity producers.
The portfolios have held up very well during these difficult times and have benefited from a much higher allocation to UK commercial property (one of the few asset classes still going up) and are now benefitting from a resurgent gold price.