Graham Duce

“Investors are shifting to ‘risk off’ trades as they contend with a multiple of macro worries: rollover in economic indicators, the worsening of the Greek debt situation, the nearing of the end of QE2, the need to raise the US debt ceiling and rising interest rates in many developing economies to cool inflationary pressures. While we remain positively constructive on the outlook for equities over the medium-term, we too have dampened some risk by selling the highest beta position, Hexam Emerging Markets, and adding to an existing defensive holding, namely Thames River Global Bond Fund.”