IN THE BACK

With company earnings yet to feel the impact of rate hikes , we are preparing for further volatility in equity markets . As a result , we are maintaining a defensive positioning in our portfolios . We have increased exposure to equity income funds across numerous regions , as we believe well-managed companies with the ability to deliver stable dividends , even in difficult periods , are likely to be rewarded with a higher share price . This presents an attractive proposition in the current environment . Stocks with high dividend yields have outperformed the market during periods of high inflation since the 1970s . In addition , high-income companies tend to outperform highgrowth companies in periods of rising interest rates .

Go east We have recently added Jupiter Asian Income to our portfolios . Manager Jason Pidcock has nearly 30 years ’ experience of investing in the Asia Pacific region and a track record of consistent outperformance over the long term . He joined Jupiter in 2015 , having previously managed an Asian equity income fund at Newton . Jupiter Asian Income is a concentrated , high-conviction portfolio of about 30 large-cap holdings . Its bias to value companies complements our other Asian equity

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