The year ended August 2020 was characterised by extreme volatility and uncertainty. While Covid 19 dominated the market in 2020, 2019 also had significant risks, most notably the US / China trade tension and geopolitical risks. The funds were cautiously positioned in the earlier part of 2019 due to the geopolitical risks, while holding a high conviction position in PGM miners supported returns through late 2019 and into early 2020.

The 2020 year started off with a short and sharp rally in equity markets as low interest rates prevailed while global economies were strong; US and China entered into a trade deal, and Brexit was becoming clearer under Boris Johnson. Markets hit record highs and the Rezco funds, being close to fully invested, were performing very well.

More information is available here: Rezco Asset Management – Annual Investor Communication 2020