The morning after Russia surprised us with an interest rate hike from 10.5% to 17%, global equity markets have continued to sell off with the characteristic indiscriminate selling similar to that which we saw in October. This month, however, oil stocks are by far the biggest fallers by sector. The FTSE All Share Oil and Gas producers have fallen 15% in one month with the Service and Equipment sector falling an astonishing 29%. Mining stocks have fallen 16%. TAM equity portfolios have very little exposure to these sectors and relative performance against the FTSE index has been remarkably strong this month, contributing to another good year of performance. We remain positive on equities and, as we said at the beginning of the year, are watching markets very closely today for any investment opportunities as they present themselves.