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Issue 4 April 2013		www.vfsint.com

	VFS VFSI Market Commentary April 2013
	We've had a positive start to 2013, with global equity markets rising strongly - led by the US and Japan. In the United States, the S&P 500 benchmark hit an all time high at the end of the first quarter, and has since reached further highs. In Japan, stocks have been boosted by the dramatic monetary easing of the Bank of Japan. Elsewhere Europe was positive although Sovereign risks in the peripheral Eurozone countries remain a concern, whilst in China the	markets have cooled somewhat as inflation rates and slowing growth rates have tempered demand. Looking forward, whilst there has been a small retrenchment in April, the consensus seems to be that equities still remain the asset class of choice. Looking at the other asset classes, the story of April has undoubtedly been the dramatic fall in the value of gold. Sovereign bonds remain well supported as the general 'risk off' investor sentiment remains, although the threat of interest rates ...

	VAM focus on emerging markets
					The Matco Corporate Director
	The year began with a sense of increasing investor optimism for a U.S. economic recovery and with an improved growth outlook for many of the larger emerging market economies. This followed a disappointing 2012, which saw Brazil GDP grow by only 0.9%, China by 7.8%, and India by 5.2% - all slowing sharply from 2011...				Every company must have a board of directors. The board of a Mauritian Category 2 Global Business Company must consist of at least one director and all Matco’s Global Business Companies are formed with a Corporate Director.Why is that so?

	Interest rates and bond markets
					Genuity wealth management
	The so-called rescue of Cyprus in March was a watershed moment. For the first time, a risk which has long been highlighted in this column came to pass: a Eurozone member country introduced draconian capital controls in order to prevent money flooding out of the country and a disorderly exit from the single currency...				As at the 1st May, our businesses in London, Jersey, Guernsey, Isle of Man and Geneva, collectively, Collins Stewart Wealth Management, will be rebranded to Canaccord Genuity Wealth Management to align ourselves with the group’s wealth management businesses in Canada and Australia. This new branding marks...

	Escaping the low yield trap
					Serve up protection for the family
	Interest rates are historically at rock bottom. Although Europe’s debt crisis has come off the boil, we do not ex-pect a substantial rise in rates this year. Investors still feel astrong need for security, and central banks will not permit yields to break out dramatically. Inflation, though still comparatively low...				We believe that having a policy that is flexible enough to work for life means your client can get on with the most important thing - Living. A Joint Life Both Death policy would allow the family to have one single monthly payment, yet fulfill all their protection needs...

	Money Markets
	Quarter to 31st March 2013 and 12 months to 31st March 2013
	Key Statistics	Quarter to 31st March 2013	Quarter to 31st March 2013
	Gold - average price per ounce	1 597	1 652
	Oil WTI - average prices per barrel	97.23	92.21
	S&P 500 - US equities	+3.6%	+11.4%
	FT-SE EuroFirst 100 € - European equalities	+1.3%	+8.0%
	Shanghai composite - Chinese equities	+0.15%	-1.1%
	Worldwide - MSCI ACWI	+6.8%	+8.6%
	Sovereign Bonds - US 10 Years Treasury Bills	1.91%	1.70%
	Forex US $ Index	85.4	80.4
	Source: Finacial times and MSCI
Figures are calculated by taking the average of month ends for the gold, oil and treasury bill figures and actual quarter end for the equity figures

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