David Bulteel

“October represented a mixed month for the portfolio. The biggest issue that we have had recently is with Japan and our Japanese holding, which is run by Polar. The focus with the market has been on momentum, with investors seemingly happy to ‘pay-up’ for stocks. Polar’s focus is more ‘value driven’, but this has not really be where the market is at. Their smaller capitalised stock holdings have also done less well. Apart from that, no changes or fresh issues have occurred within the portfolio.”