Quarterly Investor Letter Number 14 (Q3 2020)

The Somerston Multi Asset Fund enjoyed a decent Q3 driving performance firmly into positive territory for the year. As we enter the final quarter, we continue with the same themes that that we have employed in the past six months but as valuations rise, we have reduced the size of such allocations.

The cycle has been atypical and while COVID remains prevalent in society, we will need to be highly selective. The liquidity ‘powder keg’ is loaded however, and the imbalances will lead to volatility and opportunities for active asset allocators.