“Emerging markets performed well again in July and we have reduced (tactically) our exposure. We have added Japan back to our portfolios and have opted for the GLG Japan Fund. Following the purchase of SocGen by GLG, it would appear that this team will continue to work together and we believe their experience will help deliver returns in an elusive market for investors. We have also increased our cash holdings slightly and will seek to reinvest in equities should there be any correction following the recent rally.”