Graham Duce

“Despite a promising start to the year, the Japanese equity market has been a disappointing asset class for the global investor. However, many managers continue to see value in the region and remain upbeat about the future market prospects. Given the case for Japanese equities is built on a strong valuation argument and it being a under owned and disliked region, we have focused our allocation to a value driven contrarian fund. By increasing our exposure to the GLG Japan Core Alpha and exiting the more core index based Melchior Select Japan Advantage, we believe we will be able to capture more alpha in this environment.”