David Bulteel

“August represented a pretty turbulent month for ‘risk assets’ with many equity markets recording double digit losses. Peer group rankings are less significant in this type of environment but any portfolio that was overweight cyclical sectors including financials suffered more than most. Schroder UK Alpha Plus had a bumpy month, falling by around 13 per cent in euro terms. The manager, Richard Buxton’s portfolio is peppered with such stocks but few UK fund managers can boast his long-term track record, so we remain fully committed. The vast majority of other holdings are more defensive in nature.”