Graham Duce

“Last year Japan was the worst performing developed market and so far this year it has continued to detract performance despite the revaluation of its currency. We now believe that the market offers investors some exceptional value and that the fear and disappointment surrounding economics and politics are already in the market price of equities. With this in mind we have sold out of the JPM fund to take a position in Melchior Japan Advantage, a large cap fund that will allow us to capture more market beta on the upside, but due to its value bias ensure relative protection on any market set backs”