Global equity markets have experienced a strong rally from the lows seen in mid March, with the FTSE 100 rising from the low of 4983 to 6076, the Dow Jones Industrial Average (DJIA) up from 18591 to 25383 and the German DAX moving from 8441 to 11586.

Within the Mazarin fund range we have seen a number of our holdings showing positive returns year-to-date despite the ongoing pandemic. We strongly believe that holding quality funds, managed by tried and tested portfolio managers will result in positive returns in the future.

Trying to time markets is an extremely precarious, if not dangerous occupation. The below table illustrates the diminished return on investment if the 10, 20, and 30 best performing days are missed as a result of being out of the market.


The below table details the past performance of the market indices mentioned above over the preceding five years.

Data source: FE Analytics

Past performance is not a guide to future performance and actual performance may vary.


The value of shares and the income generated from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally subscribed. Equity investments should always be considered as long term. As well as equities, the Fund’s underlying assets may also invest in fixed interest instruments and Real Estate Investment Trusts (REITs) which are affected by interest rate movements. Though every effort is made to minimise currency risk, the value of the Fund can be impacted by fluctuations and exchange rates. The Fund may also be exposed to higher risk assets such as Collective Investment Schemes (CIS), smaller companies, emerging markets, property and commodities. Investors should not purchase shares in the Fund except on the basis of information contained in the Fund’s Prospectus. The Fund’s Prospectus and Key Investor Information Document (‘KIID’) are available from www.ifslfunds.com or direct from Baggette Asset Management Limited.

Investment Fund Services Limited (‘IFSL’) is the Authorised Corporate Director (ACD) of the Fund and Baggette Asset Management Limited (‘Baggette AM’) is the appointed Investment Manager. Both IFSL and Baggette AM are authorised and regulated by the Financial Conduct Authority. This document does not constitute or form part of and should not be construed as, an initiation to buy or sell shares in the Fund and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.