Letter to Shareholders Value Equity Q2 2013

The second quarter was volatile for global equities, and also for our funds.
April saw good equity performance, as central banks maintained their supportive monetary policy. But in May, Chairman Bernanke’s hints that the Fed could start to reduce the pace of asset purchases, if economic data continued to show signs of improvement, spooked the markets. This ‘new’ prospect of the Fed reducing its stimulus measures caused a rise in global bond yields and put pressure on equity markets. The quarter ended with the MSCI World Index down marginally, while Sparinvest Global Value gained close to two percent.

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