The Fund rose 0.42% in June, on a par with its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.45%.

After a good start to the month, receding fears about inflation around the globe led to a weakening of those markets which are more cyclical in nature, including the UK. This just saw the giving up of earlier gains, however, with the UK market, as measured by the FTSE 100 index, still ending up slightly at 0.21% on a price only basis.

June was a busy month for the Fund with five of the strategies having observation points in the period. Two of those, a Société Générale backed Note and a BBVA backed Note, matured, returning their original capital plus gains of 23.9% after two and a half years, and 11% after one year respectively.

With the others, the FTSE 100 index, the underlying index for all three, was below the required level in each case, so those strategies move on to their next observation points. All three have a further six years to go before their final possible maturity points, giving at least six more opportunities for the strategies to mature with a gain.