July was a strong month for the UK Financial market, with a landslide election victory for Labour, improving inflation data and increased expectations of monetary policy easing. These factors drove bond yields lower and we saw a strong rally in UK domestic stocks. Elsewhere, commodity prices were generally weak and economic data has been more mixed, particulary in the US.
Unsurprisingly in a strong rising market, the fund’s return was largely driven by the long book. The hit rate of the fund was a bit underwhelming at round 46%. However, a strong win/loss ratio of around 1.4x with their larger long positions contributing strongly, drove the fund’s return.
During July the TM Tellworth UK Select Fund rose close to 0.86% while SONIA rose 0.46%
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