Agenda item

Consideration was given to graphs showing recent movements in the Stock and Share Indices (for copy see file of Minutes).

P Williams advised that gilt yields had risen over the period and that the Bank of England had given an indication that Interest Rates would remain low for some time. Emerging markets had performed poorly and since the graphs were prepared the markets had become more uncertain because of the situation in the Ukraine.

In response to a question Members were advised that whilst Advisers recommended that the Fund should not invest passively in emerging markets the current situation did offer opportunities, subject to a cautious approach. The proposal to appoint an active Manager would help the Durham Fund to seize opportunities arising from the downturn in emerging markets.      

Resolved:

That the information given be noted.