They say that diversification is the only free lunch in investment. But all too often it is more like a brown-bag packed lunch than a feast at the Savoy Grill in London.

For example, you would have thought that the past year would have been the ideal time to have a low allocation to global equities, apart from the giant technology shares, yet the global flexible and high equity funds have given a 22% average return, compared to 26% from global equity funds...

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