Monthly Fact Sheet, November 2019

Overall we maintain a positive stance but financial markets are becoming more nuanced and we consider there are some really important changes occurring. Inflation may start to creep higher, benefiting certain cyclical sectors and commodities and negatively impacting fixed income duration.

• We reduced equities but remain overweight
• We maintain our inclination to favour value vs growth
• We are introducing more cyclicality
• We reduced duration significantly
• We increased commodity exposure