Peter Fitzgerald

“We made no manager or asset allocation changes in September. We considered increasing and decreasing equities. In the end we decided that the immediate outlook was so uncertain that it was more prudent to do nothing. Aberdeen and First State remain relatively defensive and have performed well. The managers of the IVI European fund are finding ample opportunities to invest. Eclectica remains defensive while Odey remains very bullish. There is an incredible divergence of opinion among experienced investors. Time will tell who is correct. In the meantime we will remain flexible.”