“Despite a large sell off in property markets, the IdB Real Estate Fund managed to produce a positive return in January. The Pimco Total Return Fund also delivered positive returns. Our emerging markets holdings also performed well. Losses were experienced in the European and US funds. The outlook is grim, the world is extremely bearish and this can result in a rally. We are looking to add exposure to credit and high yield and are considering a reinvestment into soft commodities having sold out almost a year ago.”