Why currency exposure is key to global outperformance

Peter Askew, co-manager of the T. Bailey Growth, Dynamic and Defensive funds, explains why this sector has had a rough time of it lately

The last quarter was choppy for financial markets, with June in particular being a negative month for most asset classes. While it is not pleasant to see most equity indices down around 5% in one quarter and fixed income equivalents fall by around half that amount, it does serve as a due diligence tool to find out if your portfolio did what you thought it would. Admittedly, it is only one quarter, but it does make for useful portfolio analysis, as opposed to markets grinding higher quarter on quarter.  One of the better performers was the FTSE All-Share index, which only fell 1.58%...