TAVISTOCK PB PROFILES
JULY 2017 Performance

Manager Commentary

US stocks reached record highs in July whilst the US Dollar Index continued to depreciate, down -2.89%, its lowest level in almost fifteen months. Disorganised chaos in Washington with fading prospects for either tax or healthcare reform, and a more dovish Federal Reserve have conspired to drive the US Dollar lower. Meanwhile, better than expected Eurozone growth and an increasingly hawkish European Central Bank helped drive the Euro higher, breaking above $1.18 for the first time since 2015. The weaker US Dollar has been a boon to US corporate earnings, particularly those earning profits abroad. 57% of companies listed on the S&P 500 have now reported second quarter earnings with 73% beating expectations. Positive earnings sent the S&P 500, Dow Jones Industrial Average and Nasdaq up 1.93%, 2.54% and 4.13%, each registering new record highs. In Europe, stocks drifted lower on rising concern over Euro strength whilst in the UK, the FTSE 100 and FTSE 250 rose 0.81% and 2.28% respectively. In her bi-annual testimony to Congress on July 12th, Fed Chair Janet Yellen raised concerns over subdued inflation. Financial markets interpreted this as a sign the Fed may be wavering on the future timing of interest rate hikes, sending US Treasury yields marginally lower. It was a similar story in the UK where a fall in inflation, from 2.9% to 2.6%, led to a small decline in bond yields. Five and ten-year Gilt yields fell -11bps and -3bps respectively, with the market now pricing in less than a 10% chance of a 25bps hike at the Bank of England’s meeting on 3rd August. Commodity markets were higher, led by WTI Oil, which rose 8.97% to $50.17 per barrel. The broader GSCI was up 4.48% and Gold rose 2.24%.Bond market gyrations, technology sector volatility and investor rotation within and between asset classes is now well underway. Portfolio diversification remains vital, especially on a currency hedged basis.

Tavistock PB PROFILE 3

Tavistock PB PROFILE 3 returned 0.49% in July. The Market Composite Benchmark and the IA Mixed Investment 0-35% Shares sector returned 0.56% and 0.50% respectively. The profile has a rolling 1-year return of 4.52%.

JULY 2017 Return

0.49%

YTD

2.21%

1 Year Rolling Return

4.52%

Tavistock PB PROFILE 4

Tavistock PB PROFILE 4 returned 0.58% in July. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.67% and 0.54% respectively. The profile has a rolling 1-year return of 6.83%.

JULY 2017 Return

0.58%

YTD

2.64%

1 Year Rolling Return

6.83%

Tavistock PB PROFILE 5

Tavistock PB PROFILE 5 returned 0.69% in July. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.78% and 0.54% respectively. The profile has a rolling 1-year return of 8.68%.

JULY 2017 Return

0.69%

YTD

3.35%

1 Year Rolling Return

8.68%

Tavistock PB PROFILE 6

Tavistock PB PROFILE 6 returned 0.82% in July. The Market Composite Benchmark and the IA Mixed Investment 40-85% Shares sector returned 0.89% and 0.84% respectively. The profile has a rolling 1-year return of 11.07%.

JULY 2017 Return

0.82%

YTD

4.24%

1 Year Rolling Return

11.07%

Tavistock PB PROFILE 7

Tavistock PB PROFILE 7 returned 0.95% in July. The Market Composite Benchmark and the IA Flexible Investment sector returned 0.99% and 1.07% respectively. The profile has a rolling 1-year return of 14.38%.

JULY 2017 Return

0.95%

YTD

5.10%

1 Year Rolling Return

14.38%

Tavistock PB PROFILE 8

Tavistock PB PROFILE 8 returned 1.04% in July. The Market Composite Benchmark and the IA Flexible Investment sector returned 1.10% and 1.07% respectively. The profile has a rolling 1-year return of 16.18%.

JULY 2017 Return

1.04%

YTD

5.63%

1 Year Rolling Return

16.18%

Tavistock PB Income

Tavistock PB Income returned 0.66% in July. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.78% and 0.54% respectively. The profile has a rolling 1-year return of 7.45%.

JULY 2017 Return

0.66%

YTD

3.84%

1 Year Rolling Return

7.45%

The value of investments held in the ACUMEN Portfolios or CIP PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. The Tavistock PB PROFILES are a white-labelled offering based on the DFM Portfolio Management Service provided by PB Financial Planning Limited, a wholly owned subsidiary of Tavistock Investments Plc. PB Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. The inception date of the PB Financial Planning DFM Portfolio Management Service is 18/02/08. All Tavistock PB PROFILE performance data up until 31/12/16 has been provided by PB Financial Planning Limited and has been calculated using FE Analytics. As of 01/01/17, all Tavistock PB PROFILES invest in a blend of the ACUMEN Portfolio range. All performance data thereafter is provided by Tavistock Wealth Limited. Source of data: PB Financial Planning Limited, Tavistock Wealth Limited, FE Analytics, Thomson Reuters and Lipper for Investment Management unless otherwise stated.