Investor sentiment has quickly soured over the past weeks as markets fall back from near all-time highs to trade at more depressed levels. Although many factors have combined to cause this shift; weak economic data in the US and China, ISIS and renewed military action in the Middle East, protests in Hong Kong and even the growing threat of Ebola; maybe the most significant is the fractured state of the Euro zone and the failure of the ECB to find any consensus on how to solve their worsening economy. With the current fluid state of markets we are constantly monitoring the situation ready to react should our strategy necessitate. Positively we are now seeing significant pockets of value in equity markets and believe our selection of stock-picking focused managers are the most efficient method of accessing it. Whilst we are keeping our equity positions relatively unchanged we anticipate an increase in exposure once markets show sustained signs of stabilisation.