David Bulteel

“The theme of risk aversion that has been evident since late spring continued into August. US equity funds struggled particularly as economic data was mixed and our holding in BGF US Flexible remain rooted to the bottom of the respective peer group, over this period. In sentiment driven markets, these quant-driven funds suffer something of a headwind. Elsewhere, Threadneedle Asia has also been struggling on a peer group basis. Seemingly any manager here with a large-cap, quality, fundamental bias in the region has also tended to underperform its peers.”