Peter Fitzgerald

“We have made a number of changes to our portfolios. We reduced cash to zero, invested in the Jupiter Global Convertibles Fund, bought the iShares Physical Gold ETC and switched our iShares US holding into the UBS US Growth Fund. We are looking to increase our weightings in equities and reduce our allocation to bonds but believe we will be presented with a better opportunity to do this in the future. We consider convertibles more akin to equity and have added them to this section of the portfolio. One could argue that high yield should also be included in this category.”