Peter Fitzgerald

“Following a series of manager meetings and macro economic research, we have made some changes to our euro based portfolio. Earlier this year many stocks in Japan appeared to be cheap. Following the natural disaster, many became cheaper, we therefore increased our weighting and allocated to smaller companies via the ishare. In addition to this, we have reduced investment grade corporate bonds and added high yield. Our view is that while interest rates have the potential to rise, high yield should perform better given that the asset class is less sensitive to rises in rates.”