Professional Wealth Managementt

By PWM Editor

“We increased equities to 50 per cent, reduced alternatives to 40 per cent and left fixed income at 10 per cent. We made several manager changes. We sold our position in the JPM Highbridge Statistical Arbitrage Fund. This strategy did not do as well as expected in August and following a recovery, we decided to exit. We sold our position in the Aberdeen Asia Pacific fund and increased our holdings in the First State Asia Leaders fund, which we believe is better positioned to deliver returns. Performance from Aberdeen has disappointed and we believe this to be a combination of portfolio positioning as well as the significant asset growth of the business.”

 

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