The strength of the quarter was undeniable. However, periods of exceptional market performance are also the moments when investors should look beyond what has already happened and ask an even more important question: what comes next?
The MSCI ACWI ex Australia Index rose 5.2% in May, with Asia ex Japan leading regional performance, up 11.2%. Japan also posted strong gains of 6.2% in local currency, while the S&P 500 advanced 5.3% in the United States. P
In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 1.37%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.
Patience is perhaps the most cited virtue in long-term investing — and yet it is rarely tested in quite the way the past 12-18 months have been.
The Insync Global Quality Equity Fund returned -2.42% over the month and -8.22% for the last 12 months to February 2026.
The Insync Global Quality Equity Fund returned -2.95% over the month and -5.97% for the last 12 months to January 2026.
The Insync Global Quality Equity Fund returned -0.90% over the month and has gained 4.74% for the last 12 months to November 2025. Alphabet was a key contributor to portfolio returns, with its shares reaching all-time high during the month
Equity market returns in 2025 were dominated by an unusually narrow group of large technology stocks, reinforced by strong passive fund inflows and an exceptional run in momentum-driven strategies.
The Insync Global Quality Equity Fund returned 1.81% over the month and has gained 11.57% for the last 12 months to October 2025, consistent with the returns of the fund since inception
The Insync Global Quality Equity Fund returned 1.14% over the month and has gained 12.30% for the last 12 months to September 2025.
