Only 10 funds from last month retain their position in September's Best of the Best Selection, the fewest ever. However while the characters may have changed the storyline remains largely familiar. Global bonds remain the largest component of the Selection although this has significantly reduced. Interestingly the exposure to US equities has fallen with Asia (most notably Japan and Chinese equities) being the biggest beneficiaries. This means that this month's Best of the Best Selection once again adds a touch more risk yet is arguably even more diversified across asset classes. We still see a number of managed funds from the Mixed sectors featured which reflects the diversified nature of the portfolio. In terms of equity exposure this is at its highest level for some months.
Although the portfolio seemingly has a moderate direct exposure to equities the 'alternatives' listed will include exposure to equities but via derivatives etc.
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