Graham Duce

“Continued concerns regarding the state of Europe and its effect on global growth dominated investor sentiment again this month. While the negative sentiment towards risk and risk assets was punctuated by periods of optimism and sharp rallies the tone remains negative. Given the weak outlook in Europe we reduce the allocation in favour of Asia. However we do believe that despite stronger fundamentals the region is far from isolated from the current crisis. We continue to focus our allocation towards Coupland Cardiff Asia as the manager has demonstrated a stock ability to perform in this volatile environment.”