Peter Fitzgerald

“For European investors, the decision to underweight the euro has yielded results and may well continue to do so this year. We added to our sterling exposure by including an allocation to Bill Mott’s Psigma UK Income Fund. The manager is known to us for some time and we believe his current strategy should contribute positively to returns. We have reduced our equities and raised cash to 5 per cent. We made no changes to the alternatives or fixed income allocation and it was encouraging to see the hedge funds deliver in January despite market falls.”