The continued rumbles around the Ukraine tensions are unhelpful, but need to be put in context, of a relative minority causing trouble in a post revolution power void, rather than a majority desperately seeking to break away and join Russia as was the case in the Crimea.
During our monthly Tatton investment committee meeting we deliberated at length on the developments of the first quarter and whether our central scenario of a pick-up of the economic recovery momentum has changed. The answer was a resounding 'no change' and so we have kept our portfolio allocations unchanged with only a few fund changes which have become necessary and opportune. The one area where we might introduce changes in the coming months is fixed income. With the risk of a severe deterioration of bond values dissipating as the yield and (low) inflation environment stabilise we are looking to reposition the Tatton portfolios to reintroduce their gilt 'stabilisers' as soon as is this makes good investment sense.
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