This week David Thorpe and Dave Baxter are joined by contributor Joseph Wilkins. They discuss the shifts in allocation seen in cautious portfolios in recent months, with equities down and fixed income remaining static.

They also discuss the fact DFMs have been finding it particularly hard to pick out-performing Japanese equity funds plus they consider the rising popularity of M&G Japan.

The Asset Allocator Podcast is a fortnightly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.