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Intermede Global Equities Fund - Monthly Report June 2017

Portfolio review
During the month of June we did not open or close any positions. Among our existing holdings we added incrementally to positions including Domino’s Pizza and Kerry Group, while taking the opportunity to trim our positions in Ansys,  Keyence and Samsonite, each of which had risen strongly recently.

Outlook and strategy
We typically touch on the activities of global central banks as a lower priority item in our monthly commentaries, reflecting the strong emphasis that our investment process places on fundamental analysis of individual businesses. This month, which featured meetings of the Fed, ECB and Bank of England, sees them take precedence, as June may have marked the start of an attempted exit from the QE era, and towards a ‘normalisation’ of monetary policy. If this proves to be the case, it will mark a significant regime shift that we should not let pass unremarked. 

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