Graham Duce

“We increase our risk appetite by disposing of our ultra cautious Jupiter Absolute fund and investing into the JOHCM Global Emerging Markets fund. The remainder has been allocated equally between existing holdings in the Odey Odessey and Morgan Stanley Diversified Alpha funds, both of which tend to be somewhat more directional and market sensitive. While an improving US economy and a bottoming out in

China helps sentiment toward investing in emerging markets, it is the valuations that remain attractive. The JOHCM fund should benefit from its tilt toward the cyclicals and being overweight in China, Russia and South Korea.”