In our managed portfolios we are focusing on three key themes for 2019.

Firstly, we are actively allocating to UK assets. UK equities are trading at forward price earnings ratio of 12x, which looks very reasonable when compared to other key equity markets, and sterling is also trading at attractive valuations.

Brexit risk remains but we believe adding to UK assets is appropriate in all but the most extreme, negative Brexit scenario.

Secondly, there are a number of individual country and sector investments that we feel can boost portfolios returns. Germany is one such example at the country level, while sectorwise we like global financials, US healthcare and European telecoms.

And finally, we are still keeping faith in the humble government bond. Yields are low, and grinding lower, but Gilts and US Treasuries remain sound diversifiers against equity risk in times of stress.