A month to forget

Two years ago, we endured the worst start to a year ever. In contrast to January 2016, this year was going swimmingly until the middle of the month. The FTSE All-Share (Total Return) Index was up 1.1 per cent by 12 January, somewhat behind the 4.2 per cent gain of the S&P 500, but nevertheless up. By the end of the month, while the S&P 500 made further progress, the FTSE All-Share recorded a return for January of -1.9 per cent. Unfortunately, the JIC Portfolio had its worst month since September 2016, giving back 3.0 per cent. Since inception in January 2012, the portfolio is now up 170.8 per cent (+17.8 per cent annualised) compared with +80.4 per cent (+10.1 per cent annualised) for the FTSE All-Share.

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