Graham Duce

“Further M&A activity in equity markets has fuelled the recovery since the brief blip in late February. In view of the pace of the recovery in equities and an increase in appetite for risk, we are now of the opinion that the markets are due a breather. With this in mind we have reduced the funds equity exposure by removing the Aberdeen Asia Pacific fund. While this fund has a strong bias to quality and value we feel that any market correction caused by a global de-risking will affect the Asia markets.”