Cash in hand

While never pleasing to report a drop in portfolio values, it is of some comfort when those portfolios being measured outperform their benchmarks – incremental gains add up when looking to the long term. During the first quarter of the year, the Growth and Income portfolios dropped 3.7 per cent and 3.2 per cent, respectively, which compares with falls of4.6 per cent and 3.6 per cent by their respective benchmarks – all figures being total return. By comparison, the more domestically focused FTSE All-Share index fell by nearly 6.9 per cent.

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