“The resumption of the risk trade saw markets grind upward albeit on thin volumes. Unsurprisingly therefore Asia and the emerging markets led the pack rising 12.4 per cent and 10.1 per cent respectively. We took advantage of these moves to adjust weightings, top slicing Nevsky Emerging Markets and IVI European and increasing the tilt to more flexible funds such as the Neptune European and US pairings. Japan, a favoured area for us, was a notable absentee in the risk trade so we added to MW Japan. We remain cautious but aware that the market could run further before fundamentals cause a setback.”