Quarterly Fact Sheet and Letter Number 6 (Q3 2018)

Unfortunately, during the quarter we were unable to find justification to reverse the fund’s strategy of gradually reducing equity weightings. The market outlook remains poor and the fund has become increasingly defensive.  During the first trading weeks of October, our strategy appears well founded. In our letter we spend time describing why we are generally cautious and why a multi asset approach will  be more important than ever in the years ahead.