“When measured in euro, the S&P 500 is up almost 7 per cent this year. The European markets are down over 2 per cent. For our US allocation we have switched into a passive vehicle given the difficulty of finding managers in this area who can consistently add value. We continue to add to the developed markets and reduce emerging market exposure. We have maintained a 25 per cent allocation to alternatives. Schroders closed their commodity fund in February, an action which causes an issue for us as we must allocate new capital to an alternative fund. We must then decide if we keep the closed fund or not.”