This month we made a number of changes to our fixed income, equity and commodity investments. In fixed income, we increased duration in the portfolio by reducing exposure to US floating rate notes and adding to our existing position in long-dated European government bonds. Whilst we remain underweight duration overall, we feel it is prudent to reduce the size of our underweight at this time. In equities, we added two new ETF positions: iShares S&P 500 Information Technology Sector and iShares MSCI China A (domestic). These investments offer attractive valuations and strong upside potential. Meanwhile, we reduced our allocation to the diversified commodity swap as the outlook is less compelling going forward. Finally, within our core smart beta equity allocation, we rotated our exposure out of momentum and into the value and minimum volatility factors. We did not make any changes to our investments in properties this month.