August was a very turbulent month and it is pleasing to report a positive number for the month.
We are incrementally more bullish. We consider economic data to be so bad that we are probably close to the nadir. Financial markets will soon start discounting better times ahead. Yet on many measures pessimism abounds. We consider owning assets that typically do well at this stage of the economic cycle, that few people are prepared to own, should offer significant upside for the portfolio.
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