Premier's Fulcher: why aircraft leasing is a great alternative

‘They have had a good 12 month period but looking a bit more expensive now and not quite the value that they were in the past,’ he said.

‘We used structured products partly to play the volatility. But we were also looking to provide clients with a return regardless of macro conditions. We were looking obviously at volatility and we were looking at return potential,’ he said.

Continuing with the defensive theme, at the moment Fulcher is looking at defensive autocalls and is still cautious on the prospects for 2013.

‘We are more likely to be buying defensive autocalls than bull market products as think that there will be a pick-up in volatility.’

Managing volatility is an major part of Fulcher’s process, as he tries to beat his benchmarks on both return and volatility.

‘We look at a range of reference points rather than strict benchmarks and they can be from cash right up to FTSE and Apcims reference points. We are looking to outperform them over the medium to long term but with lower volatility.’