January Investment Committee Meeting

Our January meeting provided an opportunity to examine the managers we use under extreme pressure of market falls, whilst keeping in mind their long-term performance. This led to us deciding to exit two of our holdings. L1 had recently changed their business model which meant that we no longer had confidence that they were able to fully capitalise on their strengths. Also Lonsec, our research consultant had recommended that we exit. This extra layer of research is a positive feature of the portfolio. 

The other manager was the Invesco Global Equities Fund with whom we no longer felt would add sufficient value to justify their retention. 

We waited until both funds had recovered strongly in January before selling down and we then placed the proceeds with one of our defensive managers. Our analysis will continue as we strive to best manage risk and returns.