Stock markets round the world continue to react nervously to hourly bulletins of Coronavirus news. Many of you will never have experienced such dramatic falls in share prices and it is unequivocally an unnerving experience.

This is a short note to tell you that we continue to monitor the funds that we own. Happily, most of them are Investment Trusts and not Unit Trusts. Investment trusts are as vulnerable as Unit Trusts to market corrections but at least Investment Trust managers can continue to manage their assets without fear of redemptions from panicky investors – this really is an important distinction.

 Our portfolios are designed for resilience in difficult times, as much as growth in the good times. The Equity funds have been pummelled but the defensive investments you hold have held up tolerably well.

We are in constant contact with the managers of the funds we own and are on top of their positioning and thinking. At times of dislocation in markets, there are opportunities as well as pitfalls. If you would like to talk to us about these please do get in touch.  

On a happier note, I wonder if, when we look back, we will be able to offer thanks for having been given the time to do the things which we are usually too busy to do? Such as bird watching, listening to music, improving the short game, mountain walks, gardening, getting fitter, caring for neighbours, reading a good book or two, teaching our young how to play bridge – and so on!