King MODEL PORTFOLIO Factsheets

Monthly Portfolio Changes

In March we made several changes to the ACUMEN Portfolios. Within equities we reduced our exposure to logistic service providers and ecommerce based technology firms switching into global mining firms, given their high cash flows and their high beta exposure to underlying commodities. Within our fixed income holdings, we made a tactical adjustment to the duration of the government bond holdings in the portfolios. We increased both the duration of our nominal and inflation protection US government debt given the sharp rise in yields that we mitigated portfolio exposure to in the first quarter.