May 2021 – a sterling month

May sucked, as an experience.

The weather sucked. The most miserable May on UK record, or some such.

I was working very hard, with a couple of crises/dramas to deal with at work.

So I had barely any time to pay attention to the markets. About the most noticeable thing was that the pound clipped above $1.40 and stayed there. For me with a high (~50%) USA weighting, the forex movement dominates the market returns – leaving my benchmark markets, in GBP, down about 0.6% on the month.

Within the headline numbers, there was a bit more going on. Some big and/or frothy growth stocks such as Amazon and Tesla were down 5-9%, whereas the more ‘old school’ stuff was generally up – Dow Jones rose 1%, and FTSE-100 rose too. I am overweight ‘big tech’ and underweight ‘old school’ so this didn’t help me. My portfolio ended up down 1.3%, slightly lagging my markets.

I have ended up perceptibly underweight USA, which is a bit unusual for me.

Delta from target allocation (0% = perfectly on target), as at 3 June 2021

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