An indication of our positioning in our multi-asset funds in advance of the UK election results might be helpful. We remain long term investors but have taken opportunities to buy short term “protection” with the objective of minimising volatility of your portfolios during this period of global political uncertainty.

The polls and the betting websites (possibly a better bellwether) suggest a Tory victory today but the polls have been wrong recently. If things don’t go to plan for Mrs May then it is possible that sterling will weaken. We have positioned the portfolios to be able to benefit from that event if it occurs. We also have some equity market protection in place should there be a slump in global markets.

We remain well diversified across equities, infrastructure, bonds and cash. We are invested in global equities and have some cash to take advantage of opportunities. We are still concerned about interest rate risk. Our bond exposure remains short duration i.e. very little exposure to interest rate risk.

UK markets only open at 8am but some global markets will be reacting to news from the UK as soon as the result becomes clear, possibly as early as 4am. We will all be up early tomorrow and ready to react to any trading opportunities that arise. We will get an update to you in the morning.