Peter Fitzgerald

“As we prepare for 2013, we made both manager and asset allocation changes to this model portfolio. We increased equities and reduced fixed income by selling the full position in European investment grade

bonds. While we respect the manager (Bluebay), we dislike the asset class. We increased European  equities and replaced IVI with Barings and Neptune with BlackRock. We also added a new fund in Emerging Europe as the low valuations attracted us. In summary, we prefer to accept the volatility associated with

equities than the inevitable capital loss of fixed income.”