A soft session for local stocks although we did see a reasonable recovery from 11am onwards as buyers emerged into the early weakness. As we’ve written about recently, we’ve become more cautious on the market and because of that we’ve started to raise some cash in small but important steps. The international portfolios increased cash levels during the week while the emerging companies sits at 16%, however the Flagship Growth was pretty much fully committed to equities. Today we took 5% out of Alumina (AWC), largely a call around portfolio construction rather than a reflection on the stock itself and we may trim more depending how things transpire over the coming sessions.
