Aviva's Fitzgerald: Why my cash allocation is at a three-year high

1 What have been the main drivers behind the fund's outperformance over five years? The outperformance has been driven by a combination of security selection and asset allocation. The asset allocation decision to overweight equities compared to bonds, alternatives and cash has proven to be the correct decision over this time period. One of the key drivers to returns was a decision to overweight European equities over the summer of 2012, prior to Draghi's speech, where he famously claimed he would ‘do whatever it takes' to save the euro. We had already taken the view that Europe was un...