Performance Review
Please see the table above for full details.

• A negative month for the UK stock market as inflation fell by less than expected from the recent peak & Gilt yield rose back towards levels last seen when Liz Truss was PM.
  
• Compound Income Portfolio saw negative returns too,slightly worse than the market with Sylvania Platinum, Burberry & S Three being the 3 largest negatives.
  
• Retuns behind the FTSE All Share YTD & 1 to 3 years, but ahead still ahead over 5 & 8 years+ since inception as large caps have outperformed & Smaller Co.s suffered.
  

Portfolio Review
Please see the Fact Sheet below for:

• Top 10 Holdings
• Top & bottom 3 contributors
• Last months transactions
• Sector exposures
  

Summary & Conclusion

• A poor May as inflation and related interest rate worries took hold again with the UK equity market -4.6% total return & -5.5% for the Compound Income Scores Portfolio.
  
• Equity investors & bond investors seem to be assuming that rates will be falling by year end, but Central Banks continue to raise rates for now.
  
• This comes on the back of Us debt ceiling worries and declining inflation, although some signs suggest inflation may be more stubborn so rates could stay higher for longer.