“As more and more investors wait for a correction before investing, the market ignores them and continues to rise. Many of our managers have reduced exposure to cyclical stocks and are now overweight defensives as they are adjusting to valuations. We remain invested. We introduced UK unlisted property into the portfolio in September. For Europe-based investors, this asset class has fallen some 70 per cent, is yielding over 6 per cent and offers potentially attractive returns. Unlisted property tends to lag the quoted market, which is implying an upturn. For those willing to sacrifice some liquidity, it looks like an attractive investment. ”