Very modest changes this month with portfolios reflecting a balanced approach to the risks discussed overleaf.
OVERSEAS EQUITIES
China has continued to present concerns for investors. We are not making changes yet, though any more unwelcome surprises would raise serious questions.
UK EQUITIES
Slight addition to the UK for more cautious investors following the Treasuries reduction. The UK may well face a very difficult winter given developments on the energy front, but the relative merits of the equity market look attractive enough still.
SPECIALIST
We continue to look for new ideas for portfolios and some new themes may be added in the next year.
FIXED INCOME
We are making a move on reducing the Treasuries exposure in our defensive and cautious portfolios, adding to short duration credit for some.
PROPERTY
Pockets of value exist in some of the more specialist areas though obvious challenges remain. The global property securities arena continues to be discussed.
ALTERNATIVE STRATEGIES
Allocations to alternative and protective strategies remain unchanged.
CASH
Holdings reflect both the rates available on cash and the general state of asset markets.
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