"The S&P is selling at 25 times trailing 12 months’ earnings, compared to a long-term average of 15, while the adjusted Shiller price earnings ratio, which averages profits over 10 years, is approximately 30 times. The period of monetary
accommodation may well be coming to an end. Geopolitical problems remain widespread and are proving increasingly difficult to resolve. We therefore retain a moderate exposure to equity markets and have diversified our asset allocation towards equity
investments where value creation is driven by some identifiable catalyst or which are exposed to longer-term positive structural trends. We have a particular interest in investments which will benefit from the impact of new technologies, and Far Eastern markets, influenced by the growing demand from Asian consumers"

http://www.ritcap.com/sites/default/files/245291%20RIT%20R%26A%20Interim%20WEB.PDF