The fund follows our dynamic allocation process holding a "Positive" portfolio with up to 100% equities when equity market conditions are accommodative. The fund reduces the equity allocation when market risk increase.

We reduced our equity allocation from 100% to 60% in the first days of February 2025. This helped the fund limit drawdowns as Trump upset the global economy and markets with his policy. On the 8th of May moved back to a positive positioning increasing our equity holding to 80%. Dependent on market conditions we expect to complete the move to 100% equities in the second half of May.

​

High conviction low frequency allocation changes illustrate how the fund can be expected to dynamically navigate market conditions, rather than follow markets down as many investment managers did in 2000-03 and 2008-09.