This is an actively managed portfolio. We seek to invest in the areas of the market where we see the most attractive opportunities, as opposed to holding the stocks with the largest representation in the various indices. Over time we manage our overall market exposure according to our view of the potential risk and reward inherent in the market at any given time.

We are not afraid to go against the consensus view, so if we feel a market or stock is expensive we tend to avoid it completely rather than holding it merely because it is widely held. In addition, the portfolio can hold significant cash levels if the manager feels it appropriate to do so.