“This is a market in which it is easier to persuade oneself to sell rather than buy. However easy it would be to simply take profits, there is ample scope for risky assets to continue to rise as long as loose fiscal and monetary policies continue. Yields on equities in many markets are at historical highs relative to cash, and as investors move from bond funds, these markets could rerate. We have made no changes to our portfolios over the past month, but continue to monitor underlying managers as many continue to rotate portfolios towards more defensive names.”