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  • Trading Update - 21 January 2020

Trading Updates  21/01/2020

Trading Update - 21 January 2020

Vanguard FTSE 250 ETF sold, Vanguard FTSE Emerging Markets ETF purchased

Shortly before the UK general election we increased our exposure to UK equities by purchasing the Vanguard FTSE 250 ETF. Given the outcome of the election and the subsequent Sterling strength, the trade has done well. We have now decided to switch the holding in to the Vanguard FTSE Emerging Market ETF.

Following the initial relief rally in UK stocks and the currency, we now anticipate a more difficult period of negotiation with Europe which could result in Sterling weakness. If correct, this would impact sentiment towards the more domestically focussed FTSE 250 constituents.

The prospects for Emerging Markets are improving relative to Developed Markets as activity accelerates following the Chinese/US trade truce and fiscal and monetary stimuli outside the US. With improved global activity, the likelihood of further US Dollar strength diminishes further supporting Emerging Market fundamentals.

Cornelian Investment Team

Trading Updates  14/02/2020

Trading Update - 14 February 2020

Further trades have taken place in the funds in February 2020.

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Trading Updates  10/02/2020

Trading Update - 10 February 2020

SOLD – GCP Infrastructure

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