Spreading your net wide

How has market activity over the past 18 months impacted how you have positioned your portfolio? As an investment trust, we have the ability to gear through structural debt and during 2008 we decided to unwind that gearing as at the time we felt that equities were overvalued. As a retail equity fund, we remained fully invested in equities during the market downturn, and the final quarter of 2008 was pretty painful. However, on balance it was definitely the right thing to do, as we recovered strongly when the markets picked up. In fact in February of this year when markets were at the...