“There are no major asset allocation changes to the portfolio in what is proving to be a turbulent period. We expect the recent pick up in volatility to continue for much of this year but feel that this environment will create opportunities for talented stock pickers. With this in mind we have switched out of the more thematic based Walker Crips UK High Alpha for the more stock focused and highly active GLG UK Select fund. Within US equities we have increased our position in the concentrated strategy Martin Currie North American Alpha by taking profits within the more core diversified product JPM US Select 130/30.”