News

09/04/2009 - Liberation VII Trading Note

Following the receipt of the revised asset allocation for the Liberation VII Fund we have decided to make the following changes:

In the UK part of the portfolio we have sold the holdings in the Invesco Perpetual Income and Standard Life UK Equity High Income funds. The sale of the Invesco Perpetual Income Fund is primarily to reduce the weighting in the portfolio to defensive stocks, particularly tobacco, which currently trade on a higher valuation than the much of the wider UK equity market. The Standard Life UK Equity High Income Fund has also been sold to further reduce the exposure to UK equity income funds. In their place we have added the Newton Income Fund and the Neptune UK Equity Fund as we believe they have greater opportunity to benefit when positive sentiment returns to the wider UK equity market.

In the US we have added the iShares S&P 500 ETF to the portfolio to increase the exposure to the US in line with the revised asset allocation. Similarly in accommodating the revised asset allocation the SG Japan CoreAlpha Fund has been sold to remove the exposure to Japan.

In the property part of the portfolio we have decided to sell the holding in the iShares FTSE EPRA/MAREIT UK Property ETF and introduce a position in the London Stock Exchange listed MedicX Fund, a specialist primary healthcare property investment vehicle.

T. Bailey Investment Team.
April 2009

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