Peter Fitzgerald

“This will go down in history as one of the worst bear markets ever. As almost all assets fall in value, good fund managers should be able to identify opportunities. This is especially true in the high yield bond markets, where large volumes of forced selling appear to have created attractive prices. We have allocated to this area via a specialist fixed income credit manager: Bluebay. On the equity side, we sold our entire holding in Schroder Tokyo and replaced this with an allocation to the UK equity market. This is partially a currency play, given the fall in Sterling, and has already yielded good returns.”