Liontrust Multi-Asset Quarter in Review - Flipbook - Page 11
Performance of asset classes
Another challenging quarter for assets as diversification
breaks down
While not matching its returns over the first quarter, commodities
was still the only asset class in positive territory over Q2, as the
oil price continued to rise and areas like gold spiked as a store of
value. Elsewhere, UK equities had a stronger period on a relative
basis as a value and energy-heavy market but everything else was
further in the red. Fixed income would usually be expected to offset
equity sell-offs to some extent but we are in a period of extreme
market stress in which assets have correlated, with bonds struggling
in the face of inflation and rate rises.
Asset class returns Q2 2022 (in local currency terms)
5%
2.0%
0%
-0.2%
-2.9%
-5%
-4.7%
-5.9%
-7.4%
-10%
-11.4%
-11.9%
-15%
-16.4%
s
ge
ed
H
ba
lB
Fu
on
nd
ds
ilts
G
lo
Re
e
Ab
so
lut
G
tur
n
tE
ke
ar
M
ng
gi
Em
er
UK
nd
Fu
qu
ui
Eq
UK
ba
lo
G
s
s
itie
s
tie
ty
er
op
Pr
le
x
C
om
UK
m
Eq
od
ui
itie
tie
s
s
-20%
Source: Morningstar, 30.06.22.
Note: The Hedge Fund performance is to 31.05.22.
Liontrust Multi-Asset Funds and Portfolios Quarterly Report: Q2 2022 - 11