23.08 Liontrust MA Quarter In Review Q2 Literature (Single) - Flipbook - Page 11
Performance of asset classes
Global ex UK equities positive as other asset classes struggle
Global ex UK equities were the standout performer in Q2, largely
driven by the US, where technology stocks saw strong gains,
largely thanks to enthusiasm for the Artificial Intelligence theme,
and economic data pointed to a resilient economy. Emerging
market equities lagged on concerns over the strength of China’s
recovery and geopolitical tensions with the US. Other asset
classes struggled. UK gilts performed badly, ending two quarters
of positive performance as stronger than expected inflation data
was followed by a 50-basis-point hike by the Bank of England
and fears of more strong medicine to come. Global bonds
were negative because of interest rate fears. Commodities were
down for another quarter, dragged lower largely by the energy
sector yet again, and by industrial metals, which had performed
positively in Q1.
Asset class returns Q2 2023 (in local currency terms)
6%
4%
3.9%
2%
0.0%
0%
-0.5%
-0.6%
-0.6%
-2%
-1.9%
-2.6%
-4%
-6%
-5.4%
-5.4%
Commodities
UK Gilts
-8%
Global
ex UK Equity
Hedge Funds
Global Bonds
Absolute
Return Funds
UK
Emerging
Markets
Property
Source: Morningstar, 30.06.23
Liontrust Multi-Asset Funds and Portfolios Quarterly Report: Q2 2023 - 11
