“While it is now clear that the stimulus provided by the authorities has helped the world avoid an outright global depression, what is not clear is what will happen in the longer-term once stimulus measures are removed. However, in the shorter-term both the economic numbers and earning updates continue to positively surprise. We took profits out of the BlackRock UK Absolute Alpha, replacing it with the more benchmarked but defensively positioned JOHCM UK opportunities. This should allow the fund to capture more market upside without dramatically increasing the overall downside risk.”