With its focus on real assets such as infrastructure, real estate and precious metals, it is not surprising to see that this was the best performing balanced fund in the first half of the year. It is set up like a fund of funds and invests in a mix of Dynamic’s offerings. It is actively managed, and at the end of March had more than three quarters invested in equities. Until recently it has struggled, and has been one of the worst performing balanced funds over the past three years, underperforming the category average by an annualized 7.5% per year. So far this year it has experienced quite a turnaround, gaining more than 20%. Still, I don’t believe it is likely to continue. The outlook for inflation remains muted, and while there may be a short term rally, I expect that performance will soften. I would likely avoid this fund at the moment, given the outlook, and significantly higher levels of volatility.