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Issued by 1OAK Capital Limited, authorised and regulated by the Financial Conduct Authority.  1OAK Capital Ltd (1OAK) (Registered in England & Wales Number: 06890293; FCA registration number 501453) provides fund management services for its customers. 1OAK Capital Limited is authorised and regulated by the Financial Conduct Authority. Registered Office of 50 Sloane Avenue London SW3 3DD.

 Rebalance Commentary 




The latest rebalance saw only minor adjustments to our equity sleeve asset allocation. The most prominent move within the sleeve is in U.S Equities, increasing our position by +1.30%, promoted by strong corporate earnings reports and encouraging valuations. Pacific ex-Japan (-0.25%) and Japanese (-0.19%) Equities saw a slight reduction in allocation. BlackRock continues to reduce their position in emerging markets (-0.10%) as a result of poor corporate earnings as well as experiencing a slower post-pandemic economic restart than its developed market counterparts. Allocation to Eurozone equities dropped by (-0.21%) and to U.K equities fell by (-0.85%) due to substandard valuations.



Non-Equity Sleeve 

The most significant changes to asset allocation were seen in the non-Equity sleeve. In the fixed income sleeve, BlackRock removed exposure to 1-3 yr treasuries and Emerging Markets Corporate (USD) out of the portfolio. BlackRock added a position to Floating Rate bonds +2.50% due to their zero duration risk and ability to benefit from a market where interest rates are high. They also add a position in Ultrashort credit +0.55%  as it serves as a cash proxy with lower duration. TIPS and Corporate high yield positions remain the same, whilst they minor reduction in allocation to U.S Aggregate bonds (-0.50%). In the alternative sleeve, we increase allocation to Gold +1.00% to increase the portfolio's protection against market volatility caused by the conflict in Ukraine. BlackRock reduces their position in property (-0.50%) due to its sensitivity to interest rate hikes whilst our commodity position remains untouched.


1OAK MA80 Rebalance Late April