Graham Duce

“Despite entering the reporting season with many companies continuing to deliver above expectation profits, the focus has been on the debt situation in Europe and America. Concerns have resulted in a sharp change in investor sentiment as fear of a new global recession took the shine off strong bottom-up fundamentals. The macro-dominated volatility has presented the opportunity to go back to overweight equities, but given the change in the economic backdrop, we have done this via more defensive managers in stable geographic areas that are less impacted by the rising cost of government debt.”