Peter Fitzgerald

“In October the market did what it does best. It proved the majority of investors wrong. As sentiment indicators sank to low levels and investors became more pessimistic, equity markets rallied. These markets are some of the most difficult we can recall. While fundamentals appear reasonable and macro economic data have tended to surprise positively, politics and sovereign debt issues continue to dominate. We believe it is not prudent to take any large positions and prefer to maintain a diversified portfolio of high quality managers across a number of different asset classes.”