Graham Duce

“Our overweight Japanese equity position has been beneficial over the last year mainly due to our underlying fund selection and yen exposure. While we still believe the Japanese market is attractive from a valuation stance, we are starting to see evidence of yen weakening and deteriorating economic fundamental, so we feel it’s prudent to lock in some of our profits. The UK market was a strong underperformer last year and our non beta allocation stance also generated relative gains. Given the current levels of both the equity market and sterling we feel more comfortable adding beta and increasing our UK weight.”