Investment Manager - Elston Portfolios
Given the ever-changing nature of global markets, Elston Portfolios has a policy of operating a
flexible approach to asset allocation (i.e. tactical asset allocation). This allows the investment team
to allocate a...
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Investment Manager - Elston Portfolios
Given the ever-changing nature of global markets, Elston Portfolios has a policy of operating a
flexible approach to asset allocation (i.e. tactical asset allocation). This allows the investment team
to allocate a greater proportion of client money to the asset classes / sectors expected to provide
the best risk adjusted returns, typically on a 6 – 12 month view.
For all of last year our major tactical positions across client accounts with diversified
portfolios included:
being overweight both Australian and International equity;
within International equity being unhedged from a currency perspective with a bias to
developed markets;
being underweight both cash and Property; and
within fixed income having minimal exposure to interest rate risk with a preference for credit.
For the Australian equity component the main themes included:
being underweight retail banks and overweight non-bank financials;
being overweight both Industrials and
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