Multiple risks present on a macro and domestic basis

There is a lot of uncertainty in the global markets with large swings in sentiment and market performance seemingly being the norm. There are multiple risks both on a macro and domestic basis and we cannot be ignorant of these. However the market always has its risks with the magnitude of these being the differentiator. In the USA there is ongoing talk about when rates get increased, China has debt and growth concerns and European growth is tepid despite all the stimulus. In this type of environment we are always cognizant of looking after our clients capital while finding the best opportunities in the market and in this environment this means taking on lower levels of risk. We maintain an appropriate level of cash so that we can be nimble to take up opportunities that the volatile market might present and back trusted and proven management teams.