Investment Committee April-DMG Diversified Portfolio

This meeting involved a review of analysis of the asset allocation of our portfolio and a comparison with other funds. This means reviewing how much we have allocated to cash, fixed interest, property, shares and alternatives. The analysis looked at long term variations and in particular performance in difficult markets. This latter point is, as we have said before, a real focus for us and we will continue to test our approach. We were satisfied with our position and the discussion did not lead to any change. 

Outside of this broad review of the allocation to major classes, as always we review the individual holdings within the classes. In particular our Cromwell Property holding was discussed in greater details. Whilst the sector does give us some concern our holding is not significant and in itself no need for a change. We had a minor concern on the administrative side that was enough for us to exit the Cromwell Property holding rather than remain and possibly have it escalate or be symptomatic of other issues. This may be an overreaction on our behalf but it demonstrates how far we will go to manage risks. 

Bart and Gary are working on a replacement holding, but in the current environment we do not see a rush.