Over the quarter, the Cirilium Portfolios delivered returns of between 2.3% for the Conservative Portfolio and 1.9% for the Adventurous Portfolio, with stronger returns from the lower risk portfolios being driven by the relative strength of fixed income markets compared to equities. Our asset allocation decisions added little to portfolio returns, with positive effects from high-yield bonds offsetting losses from our overweight to Japanese and healthcare equity. Manager selection effects were generally positive, and this helped most portfolios generate returns in excess of their performance comparators.
Past performance is not a guide to future performance and may not be repeated.
Investment involves risk. The value of investments may go down as well as up and investors may not get back the amount originally invested.