The month of June included some of the most seismic events to hit Europe since the fall of the Berlin Wall, as the U.K. voted to leave the European Union, leading to political and economic shock-waves not just in the U.K. itself but more widely. Our portfolio of shares was not totally unaffected by this, as we will see, but perhaps surprisingly, the U.K. stock market, in particular, had a good month, and that has continued into July. That is largely because sterling has crashed, losing 15% of its value against the dollar almost instantly when the result of the referendum became clear. So firms that have non-U.K. earnings and are quoted on the U.K. stock market (and that is a majority of large firms in the FTSE 100) will show better sterling-denominated earnings. There is (almost) always a silver lining to bad news! However, the FTSE 250 index has not performed as well, with its greater representation from more locally based firms.
Brexit Blow, CEOs Underperform: Our June Stock Portfolio Update [Plus+]
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