Peter Fitzgerald

“Our asset allocation continues to be 40 per cent equities, 40 per cent ­alternatives and 20 per cent fixed income. In November we made ­significant changes to the portfolio and this has had a ­positive impact. Of particular note is the Schroders Agriculture fund, which was returned over 10 per cent since purchase. We preferred this fund to a ­passive ETF for this exposure, given the negative roll yield on many ETFs. Also, the ability to get hedged exposure to this area was interesting. We also reduced UK equities ­significantly, which helped portfolio returns given the poor performance of sterling in particular.”