Last year we laid out a road map for a gradual reduction in our funds’ equity exposure, firstly from overweight – in relation to strategic asset allocation (SAA) – towards neutral, then from neutral to underweight. In our latest reduction at the beginning of October, we reduced equity targets for our three public funds – LF Seneca Diversified Income Fund, LF Seneca Diversified Growth Fund, and Seneca Global Income and Growth Trust – to 32.5%, 47.5%, and 52.5% respectively. These positions represent underweights in relation to SAA of 7.5%, 12.5% and 7.5% respectively – the reason the growth fund’s underweight is greater than those of the other two is that it has no requirement to distribute income so can be higher conviction with respect to its tactical asset allocation.