Portfolio Update June 2022: A month of two halves

The spectre of recession and less aggressive monetary tightening rescued the portfolios from an even worse performance in June.

Photo by Izuddin Helmi Adnan

May’s market horror continued into June as worries over inflation and the Fed’s course on rates persisted, only to reverse around the middle of the month and end back where they started.

In any normal circumstances that reversal will have come as a relief. Except these are not normal circumstances, because in any sane world the prospect of a savage recession would hardly be encouragement for buyers to return; the stock market IS the economy, even if the timing is sometimes off.

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The Atlantic Portfolio sails along

Five companies delivered half of the performance of the US-UK portfolio - is it time to dump the laggards...or even the winners?

US indices had a great 2021, which meant that even the very best active managers found it hard to beat the S&P 500 and the Nasdaq 100. Encouragingly, the Atlantic portfolio came closest to doing so of the benchmarks we use, delivering a total return - ex costs- of 24.6% in the year, more than 2 percentage points better than Fundsmith Equity.

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