Investment Commentary – July 2013

July 8, 2013

It seems that volatility is back, with the VIX reaching its highest levels of the year in June, as global markets continued to live in a state of unrest after the US Federal Reserve comments on QE tapering (and the subsequent contrary clarity). This backdrop ensured all major world equity indices turned lower on the month. The S&P 500 lost -1.50%, the Nikkei suffered least losing -0.71% and Europe felt the full force, with the DAX down -4.67%, the FTSE 100 down -5.26% and the CAC 40 fairing worst, losing -5.31%.

Commentary CC July 13



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