We are private asset managers and every portfolio that we manage has its own peculiar features that prevent any two portfolios being identical. For example:

• Some have holdings that carry major CGT liabilities, preventing sales being made where we might otherwise do so.

• Many have specific, individual, requirements for regular or irregular capital withdrawals

• In other cases, portfolios receive occasional injections of new capital

• Many portfolios have holdings that we inherit which are peculiar to that portfolio alone.

Notwithstanding these points, wherever appropriate our asset allocation decisions are implemented across all portfolios and this is therefore reviewed in depth each month, although when markets are volatile, reviews occur daily. At present therefore, portfolios are typically invested along the following lines:

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