Month in Review
The HHV portfolio was flat in January recording a performance of 0.2%, which, although modest, was pleasing as the MSCI World Index recorded a negative 2.3% during the period, yielding outperformance of the benchmark by 2.5%.
A positive contribution was made by our gold mining shares which bounced with the gold price from their December lows. The gold price was weighed down in December after the Trump victory. Markets priced in the prospect of higher US interest rates which negatively impact gold. In January however, concerns mounted over Trump’s trade and immigration policies which boosted the metal again.
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