Peter Fitzgerald

“The allocation is now 40 per cent equities, 40 per cent alternative and 15 per cent fixed income. We have allocated five per cent of the portfolio to cash which would normally be in fixed income. However, with cash yields high and increasing, cash is an interesting asset class and offers a substitute for fixed income. On the equity side, we increased allocation to the JPM Emerging Market Alpha Plus Fund which provides exposure to emerging markets, but the manager will use the flexibility of UCITS III to hedge market risk. Last month’s allocation to the IdB Real Estate Equity Fund was timely. The European property market dropped three per cent in April and this fund delivered a positive return of + 1 per cent.”