The Fund fell by 2.23% during January, behind its performance comparator of cash + 5%, which rose by 0.48%. It was ahead of the FTSE 100 however, to which all the underlying strategies are linked, which fell 3.40% over the month.

The UK stockmarket continued its rise into the New Year with the threat of the US-China trade war fading. By the middle of the month the Fund was up over 1% from the turn of the year. The second half of the month, however, saw the emergence of the corona virus as a world health threat, and this sent markets around the world falling, with the FTSE 100 dropping 2.29% in a single day at one point, finishing the month at 7,286.01.

January saw the second maturity within the fund since its launch, with a Morgan Stanley note maturing on its first anniversary with a return of 16.5%. This note was replaced with another from Morgan Stanley which will run for a maximum of 8 years, paying a coupon of 10.8% for each year held, maturing on the first anniversary the FTSE 100 is at or above its original level of 7,609.81. We also increased the holding in one of the existing Over the Counter contracts to take advantage of favourable pricing brought about by the fall in the markets.