Heavily equity based with support from funds holdings whilst cash remains standard at around 2%.

Weak European investing landscape during summer of 2019 indicated need for reduced holdings especially in the UK and reallocated to Middle East and Asia.

Decisions were justified to overweight through USA as V-shaped recovery and expansion remained on track from Q2 to Q4.

Disappointing first-half from Eastern Europe holdings balanced against seconf-half performance recovery.

Strong executive decisions reducing European/UK holdings limited potential damage to year-end.

Consumer Discretionary overperformed with holds against market expectations. Information Technology and Communication are in line with forecast and strenghtening through the period. Energy drags the overall performance with weak showing globally.

Technical measures on risk management show standard deviation down across the whole period and peaking as expected through Q3. Downside risk constant and below year-on-year numbers. Unsustainable Sharpe ratio peaked through Q1 and measured 3.19 across the whole period.

Heavily equities based with cash increased above 2% standard. Support from fixed income and increased funds holding.

Strong outlook forecast into 2020 for United States carried much of the portfolio weighting while holdings in Europe was reduced in favour of greater global exposure.

Japan disappointed through first half of year before strengthening in the latter part. Performance still dragged on account in comparison to other holding throughout the Asian region.

Justification in reduced holdings through Europe with a negative contribution throughout the period. Greater global exposure was rewarded especially through Middle East and Africa where first half results surprised and continued through second half of the year.



Strong second half of the year balanced a disapointing first half through Latin America while Eastern Europe provided support and positive contribution throughout the period.

 Financials struggled underperforming globally and utilities underperformed thoughout the second half of the year. Defensive positions from communications and real estate provided consistent return across the whole period.

Consumer discretionary continues to be our most sucessful sector significantly outperforming benchmarks. Healthcare outperformed expectations thanks to positive market conditions.

Technical measures on risk management show downside risk to be constant and below expectations through the whole period. Value at Risk (95% confidence interval) was -1.89% across the whole period, peaking as expected in Q3 but below expectation at -2.37%. Expectations of a Sharpe ratio in excess of 3 was achieved at 3.85.