WealthGuard Smoothed Growth Fund – USD

Investment Objective

The fund aims to produce growth over the medium to long-term (5 to 10 years or more) while smoothing some of the ups and downs of short-term investment performance. The underlying fund spreads investment risk by investing in a range of different asset types, which currently includes European and international equities, property, fixed interest securities, index-linked securities and other specialist investments.

Investment Commentary

31 March 2026 The quarter began with steady gains but the backdrop shifted quickly as the conflict in the Middle East sent energy prices sharply higher and clouded the macroeconomic outlook. The price of Brent crude rose 94%, its biggest quarterly gain since the start of the Gulf War in 1990. The S&P 500 fell 4.3% and the FTSE World Europe ex UK Index slipped 2.0%. In contrast, the FTSE 100 gained 3.4% owing to its large share of energy and commodity producers. Japan also outperformed the global market after Prime Minister Takaichi secured a large majority in February’s election. Emerging markets were resilient too. Asia, which has many energy-importing nations, faced a tougher backdrop. Stocks in China were particularly weak.

Bond markets adjusted sharply as the rise in oil prices fed into higher inflation expectations and reduced the likelihood of near term policy easing. UK government bonds were among the weakest performers, with yields moving sharply higher by the end of March. US Treasury yields rose too, with the 10 year bond ending the period 15 basis points higher. German government bonds followed the same pattern. Corporate bond markets also delivered negative returns.

Commodities produced a varied picture. While oil prices surged, precious metals lost some early momentum. Gold fell sharply in March, but earlier gains meant it was up over the period. Currency markets reflected the shift in sentiment, with the US dollar strengthening against major currencies for a third consecutive quarter as investors scaled back expectations of policy easing.

*Expected Growth Rates (EGR)

Expected Growth Rates are set periodically taking into account current and expected market conditions. They indicate potential returns over the medium to long-term.

Help investors set realistic expectations for growth. Provides an outlook for returns, assisting in long-term investment planning.