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Dear Fintax Investor

Please find attached the latest fund fact sheets. Last month, the Balanced Fund delivered 0.2% and the Growth Fund 1.2%. In the attached commentary MGIM note that they are not currently overly concerned with inflation rising more and lasting longer than expected.  They have, however, retained positions in Gold (Growth & Balanced), Treasury Inflation Protected Securities (Balanced) and S&P500 put options in case it does. In such an event, these instruments and asset classes should help protect investor capital. Unexpectedly rising and longer lasting inflation means that investors will incorporate higher discount rates into valuations going forward, leading to potentially negative revisions to some asset valuations and, therefore, potentially weaker investment performance.

For more information about this topic, please visit the ‘’articles’’ section on our website www.fintaxgroup.com where investors will find two related articles: ‘’The State of Inflation’’ and ‘’Destination Inflation?’’

Please don’t hesitate to contact us should you have any comments or queries.