Graham Duce

“After the retreat in markets from mid January to early February, appetite for risk returned. The equity content within the portfolio was the best performing asset class in February. While equities remain our preferred asset class we have opted to reduce the risk in the portfolio after equity markets rebounded over recent weeks. We have sold our position in the J O Hambro Capital Continental European Fund and reinvested the monies into the existing holding in the Gartmore European Absolute Fund.”