Dr Bevan Blair

We Reduced equity in Q4 on valuation grounds. We are becoming increasingly concerned about equity valuations globally and should they continue to strengthen we will look to further reduce our exposure. Our modelling suggests that all equity markets are over valued. and while we have concerns about fixed ibncome markets we feel the prudent course of action is to place the proceeds in short dated Gilts. We continue to see further rate cuts this year, but do not expect the long end of the curve to react significantly to these while inflation remains a threat.

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