Peter Fitzgerald

“By maintaining a fixed target asset allocation we automatically buy an asset as it falls and sell one as it rises. We believe that this discipline will add value over time and help keep us focused on longer-term objectives. Over the past weeks this has involved adding to equities while reducing bonds. In addition to this we made two manager changes. Firstly we switched from a passive small cap approach in Japan to a large cap active fund and in the UK we moved to a more growth orientated manager given recent market falls.”