Graham Duce

“We have witnessed the eventual conclusion of the Greek PSI deal with a suitably high participation rate. Equity markets have moved very little so far since the announcement, indicating that a successful debt exchange was priced in. However, the unresolved structural problems in Greece and the wider European economy mean markets will remain volatile and we could well experience another correction as the remaining acts of this Greek tragedy are played out. We have raised cash to 5 per cent from reducing positions in two funds that have performed very strongly in 2012, namely the GLG Japan and Coupland Cardiff Asia Fund.”