Summer Investment Outlook

Welcome to the summer edition of our Investment Outlook, our quarterly review of the markets and TD Recommended Funds' performance.

The vote to Brexit has had a profound effect on our nation and our neighbours. It has shaken up politics with extraordinary outcomes – who would have thought a month ago that George Osbourne would have been replaced, Boris Johnson named Foreign Secretary and that Theresa May would be Prime Minister…all by July?

I flew to Portugal on 2 July and to my surprise a number of British passengers disembarked the plane and then stood in the Non-European Union passport line. We have not left the EU yet! We have merely stated that we intend to – in fact we have stated that we are very unhappy about certain aspects of our relationship with Europe. These seem to centre around immigration and EU bureaucracy and no matter who I speak to, a Brexiter or a Remainer, they agree these are the two issues which need addressing. More relevant for us as investors are the economic implications for Brexit and the effect on our wealth and investments.

The disappointing aspect of the current situation is there is no plan. Neither the Government nor the Brexiters had one, although the Bank of England (BoE) had organised emergency funding for banks in case there was a run on sterling, and was prepared for chaos in markets. We are in a period of uncertainty though, and rumours abound so it’s no surprise that businesses and markets have stalled. Nerves have been shaken and the political pot has been well and truly stirred.

The coming months are going to provide challenges and opportunities. It’s my belief that the UK will come up with a plan, however. We’re a resilient, strong country with global respect, survived two world wars, and are the fifth biggest country in the world in economic terms. I’m sure we’ll look back in five years’ time and this will seem like a blip in the history book.

Meanwhile the short-term outlook in the UK, Europe and the US is one of uncertainty. However when you look through this, and remember the lessons of the past, one thing which should strike you is that diversification and investing for the long term pays off.

Michelle McGrade, Chief Investment Officer, TD Direct Investing

Market Outlook

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The information we provide in this Investment Outlook are opinions provided by TD or one of its partners on whether to buy a specific investment. None of the opinions we provide are a personal recommendation, which means we have not assessed your investing knowledge and experience, your financial situation or your investment objectives.

Investors should be aware that the value of investments can fall as well as rise, you may get back less than you invested. If you are unsure about the suitability of a particular investment you should speak to a suitably qualified financial adviser.

Market Outlook

The second quarter of 2016 has been very up and down for the markets…but there are a surprising number of ups!

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Everyone is so focused on uncertainty right now but there are some bigger pictures that are worth sustaining.

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TD Recommended Funds Update

In light of these market conditions, find out how our TD Recommended Funds performed in the second quarter of 2016 – there were some excellent performances amongst those on the list. You can also find out how each of the funds has performed over the last few years.

Our fund recommendations are the result of a good deal of detailed work and drawn from the whole of the market, with Morningstar providing unbiased, in depth research that is analysed by our own Investment Team. All recommendations are presented to and approved by TD's Investment Committee.

Remember that each fund is unique and hence exposed to different levels of risk. Some are relatively low risk, whilst others can be very risky and those will only be appropriate for more sophisticated investors.

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