Dear Fintax Investor,
Last month global markets declined sharply, with the MSCI All Countries World Index (ACWI) declining 5.3%. The Fintax Funds were not spared and declined 6.3% (Growth) and 4.6% (Balanced), respectively. Global markets have, however, rebounded by 2.5% since month-end. The US equity market is still trading on a rich valuation (30x normalised Price to Earnings Ratio relative to a 16x long-term average) and emerging markets are trading on increasingly attractive multiples. Longer-term, the Fintax Funds remain first quartile performers relative to their respective peer groups.