Investment Commentary July 2020

Economic reports over the past month have highlighted the severity of the decline in the pace of economic activity in the months since the outbreak of Covid-19. In the US, following a contraction of 5% (annualised) in the first quarter of 2020, Gross Domestic Product (GDP) fell at an annualised rate of 32.9% in the second quarter. That marked the worst quarterly decline in US GDP on record.

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The value of your investment can go down as well as up, and you can get back less than you originally invested. Past performance or any yields quoted should not be considered reliable indicators of future returns. Prevailing tax rates and relief are dependent on individual circumstances and are subject to change.