Graham Duce

“Having enjoyed a strong ‘risk on’ period since October 2011 combined with the approaching summer months, which in recent years have proven to be a season of increased volatility, we have reduced the directionality within the portfolio. We have sold the entire position in the Traxis Global Macro Fund which tends to be more sensitive to market moves and have switched the monies to the Eclectica Absolute Macro Fund. The manager of the latter fund is Hugh Hendry who is a well know contrarian thinker. This fund should fare better in more challenging and volatile markets.”