The shares are underpinned by the dividend. With a yield of around 8 per cent you don’t need to rely on growth prospects.

The shares are underpinned by the dividend.

We’re not overly concerned about the U.S.-related shares. There’s enough earnings growth and valuations are low enough to still be confident.

We’re lightening up on resources shares because we’re not convinced that the hype about Chinese demand quite matches the reality.