Microsoft (MSFT US) v Wells Fargo (WFC US)

We are looking at a simple switch in-line with our recent rhetoric towards equities:

• Tweak up our quality tech holdings but we do plan to cut 1-2 of our other sector positions into MM’s anticipated 10-15% rally.
• WFC is our largest holding at 9% and after its stellar rally reducing into current strength / outperformance is simple prudence.
• We like Microsoft (MSFT US) into current weakness