There were no significant portfolio changes in September.Equities remain overweight through above benchmark weightings in Europe and Asia which was positive and neutral weightings in the other developed markets.In general,we favour larger capitalisation and quality growth.In fixed interest we continue to underweight bonds in favour of cash which was positive.We used cash flows to increase the weightings of favoured holdings such as JPN Natural Resources and trimmed our holding in CF Morant Wright Japan in the face of political uncertainties.Fund performance was well above the IMA Cautious Managed sector average.