Graham Duce

“A positive shift in market sentiment appeared in September after the surprise 50 basis points cut by the Federal Reserve improving the chances of a recession free economic soft landing. History suggest that the 12 months ­following the first Fed easing has tended to deliver significant equity out performance, provided the US economy does not move into recession. We have increased our equity position to emerging markets, an area that will benefit from continued US growth. We continue to favour the JPM Emerging Markets Alpha Plus fund due to its total return and flexible structure.”