Alex Borer

“The last five years have proved to be very challenging for investors. Macro economic factors changed rapidly and with that policy response from fiscal and monetary authorities around the globe. Price trends have moved assets forcefully, but changed often in an unpredictable manner – not least by political decisions. Absolute return oriented funds such as CTA/managed futures also suffered in this environment since many technical signals proved to be whipsaws. Accordingly we reduce our allocation to this asset class by 4 per cent and equally increase emerging market equities and convertible bonds.”