Graham Duce

“The landscape in financial markets changed dramatically during September. The speed at which corporate events occurred and the impact on both the credit and equity markets was remarkable. We continue to find attractive opportunities for longer term investors and continue to invest in exceptional fund manager talent. We remain focused on managers who have the flexibility to perform in challenging market conditions and remain happy with the portfolios underlying holdings and managers. However we feel that in this environment the leveraged loan market remains temporarily weak so have sold our position in favour of cash until we have more clarity.”