“Markets continued to recover fuelled by a view that we are now entering a classic V shaped recovery. Given the state of many corporate, consumer and government balance sheets it is unlikely that the recovery will be as quick as previous ones. However, with high volumes of investor cash waiting to enter the market, being overly defensive could be costly in the shorter term. We made no change to the overall split of cash, bonds and equities but made broader changes to the underlying funds. We sold Mainfirst Avant Garde and Thames River High Income and added to funds BlueBay Investment Grade and Gartmore European Absolute Return.”