Graham Duce

“Last month’s sale out of the Leveraged Loans proved to be very timely as the sector was hit from a wave of redemptions for Icelandic institutions. While this forced selling has presented an opportunity in the sector, it is not the only area to be hit by investors deleveraging. This month saw the Japanese market falling to a 26 year low and we believe this offers investors an interesting opportunity to access both well run companies but conservatively managed banks. With this in mind we have used some of the portfolios cash to increase our Japan weight via new holding SocGen Japan Core Alpha which is ideally positioned to benefit in any recovery”