In August, we made several changes to the portfolios. In fixed income, we sold our positions in UK Gilts, Japanese government bonds and US mortgage backed securities and increased our existing allocation to US inflation protected securities and European government bonds. In equities, we took profit on our thematic allocation to automation and robotics and invested the proceeds in a new ETF that provides exposure to video gaming and esports. At $135 billion this sector is now larger than the global film and music industries combined yet, like the early days of internet advertising, is yet to be fully monetized. Within smart beta we sold our allocations to the momentum and minimum volatility factors and increased exposure to ‘quality’ and ‘ESG’. Finally, within our commodity carve-out, we added a new position in coffee. We did not make any changes to our investments in property this month.