David Bulteel

“April proved to be a difficult month for risk assets with equities, in particular, selling off quite sharply. Broadly speaking our fund selections tend to be less economically sensitive than average in terms of their stock picks and sector allocation, thereby mitigating some of the falls. We did, however, decide to switch out of the GAM US All Cap into the Allianz US Equity after some lacklustre performance. The Allianz fund is similarly multi-cap but style agnostic. We hope that this change will bring greater consistency to an area that is demonstrating better economic traction than much of the Western world.”