• UK EU Referendum dictated market sentiment, UK votes to leave EU; UK is downgraded
• Rollercoaster month across asset classes; safe-haven bond yields plummeted
• Influential central banks on hold; futures pricing in next Fed fund rate hike in 2018
• Fund’s USD I Class gains 2.02% in June
• Renewed global growth concerns
The UK EU Referendum in/out opinion polls shook markets all about last month; 51.9% of the British public voted to leave the EU, the consequent damage to market sentiment was extremely visible. Having soared to yearly highs ahead of the referendum results (as the remain camp appeared to take lead), the pound plummeted, trading at its weakest level since 1985 and finished 8.5% lower on the month; the worst performing currency against the dollar. Both S and P and Fitch downgraded the UK’s credit rating to AA and Moody’s put its Aa1 rating on negative watch.