Graham Duce

“After the surge in equity markets in October, we have reduced the directionality of the portfolio by selling the Cazenove European Fund. Not only do we foresee slowing economies in the Eurozone, but we remain concerned about the European sovereign debt crisis. Markets are beholden to the procrastination of the policymakers and politicians, which is likely to lead to continued uncertainty. The monies have been reallocated to the very defensively positioned Melchior Select European Absolute Fund. To further reduce risk we have switched the GLG Japan Core Alpha from the euro to the yen share class.”