Peter Fitzgerald

“We have made no changes to our portfolios over the past month but continue to monitor underlying managers as many rotate portfolios towards more defensive names. We agree with this decision. The outlook is unclear and we remain pragmatic. Our equity positions are balanced by government bonds and hedge fund managers such as Crispen Odey and Chris Rice, both of whom remain very wary of the recent equity market rally. Our objective is to lose as little as possible if markets have a relapse.”