Monthly Portfolio Changes

In December, we made several changes to the portfolios. In equities, we sold our allocation to the US healthcare sector and invested in UK equities which are attractively valued and should benefit from a deal on Brexit, a rebound from overly pessimistic dividend expectations and a rotation towards value sectors of the economy following a noticeable improvement in the economic outlook. We also took profit on our allocation to EM ESG and invested the proceeds into Brazilian equities which tend to perform well against a backdrop of recovering global GDP, low interest rates and a weakening US dollar. We did not make any changes to our investments in fixed income, commodities or property this month.