Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th November 2021

After a number of months during which COVID news flow was muted, much to the benefit of risk assets, November was dominated first by increased infections in Europe, before news of the emergence of a new variant of concern; Omicron. Equity markets sold off heavily into month end, particularly in Europe, where the COVID news flow had already turned negative.

The Fund posted a return of -1.7% over the month.

Three investments called in November, all achieving their full capital return. They were replaced by a combination of new investments as well as some upsizing of existing investments to take advantage of the spike in volatility seen towards the end of the month.

The Diversifier Portfolio increased by 1.9%, adding 0.3% at the Fund level. The portfolio is designed to provide some buffer to the Core Portfolio when volatility spikes, and has done exactly that in December 18, March 20 and now November 21.

Investors are beginning to look at asset allocations, possibly for the first time, through a lens that is not purely tinted with a benign inflation environment, punctuated by deflationary crises. In a more uncertain future, in which growth forecasts have been revised down since the start of the year, the positive returns the Fund affords in subdued and falling equity markets is likely to see it used more and more as a diversifier, especially if fixed income’s assumed correlation in a wobble breaks down further. 

Total Return 2021 Nov
UK 100 13.0% -2.2%
US 500 22.7% -0.7%
Europe 50 16.6% -4.3%
Japan 225 2.6% -3.7%
Hong Kong 50 -11.7% -7.4%
US 2000 12.3% -4.2%
Swiss 30 16.9% 0.4%
BCOM 22.7% -7.3%
US Treasury -1.3% 0.3%
FTSE EPRA 23.6% 3.2%
PGF 5.6% -1.7%
AGF -0.5% 0.9%
Real Estate 20.1% 0.9%
US Equity Income n/a -0.8%


– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

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liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
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– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

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