LCP Investment Summary August 2026

Global equities have risen by 2.4% (in local currency terms) in August, with Eurozone markets rising by 1.0% and North America rising by 1.9% (in EUR terms). The U.S. dollar weakened against the Euro over the month.

Global equities rebounded in August, supported by resilient economic activity and robust corporate earnings, despite continued geopolitical uncertainty. Technology stocks regained momentum following July’s sharp sell-off, as the AI theme remained in focus as capital expenditure and corporate earnings surged. Nvidia delivered another strong earnings quarter, beating analyst expectations and rising by 10%. There were gains in growth and value stocks across both developed and emerging markets.

Fixed income markets remained volatile in August, with government bond yields rising across most developed markets amid shifting expectations for central bank policy and fluctuations in energy prices. Markets continued to price in the possibility of an ECB rate hike in September, as recent comments from policymakers signalled a more hawkish policy stance.

The sample DB scheme’s funding level remained at c.111% during the month, with a small increase in assets (calculated using a Funding Standard proxy).

Our High Risk and Medium Risk strategies experienced positive performance over the month while the Pension Purchase DC strategy experienced negative returns over the month.