Rising government bond yields have dominated market noise this week with the yield on 10-year US Treasuries (US Government bonds) rising to its highest level in over a year. Equity indices wobbled in
response to these dynamics with fears that rising borrowing costs could derail the already fragile economic recovery.

Gone are the days when we could see our enemy coming and protect ourselves using military might. Today, the weapons threatening our national security are largely invisible and can be unleashed from any corner of the globe. Hostile actors can use our own data, influence and public perception against us in an increasingly alarming manner.

When share prices plummet as they did in the first quarter of last year, it’s not always easy to make a convincing case for continuing to hold a good-quality, but hard-hit company – especially one in the beleaguered hospitality sector. A year ago, we not only held on to but strengthened our position in Intercontinental Hotels Group (IHG).

The US Federal Reserve sharply upgraded their growth expectations for the US economy in 2021 from 4.2% to 6.5% despite cautioning that a full recovery from the impact of the pandemic was distant and would require ultra-easy monetary policy.

After rising to their highest point since record lows in 2020 last week, the upward momentum in US
treasury yields paused. Despite this pause, Jerome Powell stated that Federal Reserve officials have been
monitoring the rise in yields since January but rejected claims that it warranted concerns.

We are thrilled to announce that the Sanlam Real Assets UCITS Fund has received “Best Specialist Real Assets Fund” at the Investment Week Specialist Investment Awards 2020.