Portfolio Pulse

Following a strong May, global equity markets saw mixed returns in June. In the US, the DJIA, S&P 500 and NASDAQ all recorded positive returns of 1.2%, 3.6% and 6.0% respectively and measured in their local currencies. This was driven by a strong earnings season for US technology companies. Whereas in Europe, financial markets responded negatively to the announcement of a snap election in France by French President Emmanel Macron. The Euro STOXX 50, CAC 40 and FTSE 100 all recorded negative returns of -1.7%, -6.2% and -1.0% respectively and measured in their local currencies. In fixed income markets, yields on US, UK and German 10-year bonds declined by 10.2, 14.6 and 16.4 basis points. The European Central Bank (ECB) became the latest developed market central bank to cut interest rates and the Bank of England (BoE) and Federal Reserve (Fed) are both expected to cut rates by the end of the year. The pound was down 0.8% and 1.2% against the US dollar and euro, respectively.

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The information and opinions expressed in this document have been compiled from sources believed to be reliable. None of Credo, its directors, officers or employees accepts liability for any loss arising from the use hereof or reliance hereon or for any act or omission by any such person or makes any representations as to its accuracy and completeness. Any opinions, forecasts or estimates herein constitute a judgement as at the date of this document. There can be no assurance that the future results or events will be consistent with any such opinions, forecasts or estimates. Investors are warned that past performance is not necessarily a guide to future performance, income is not guaranteed, share prices may go up or down and you may not get back the original capital invested.