Gary Potter and Rob Burdett

“Fundamentals lost to economics and politics in April, with imminent French and Greek elections and variable data from the US and Europe overshadowing a reasonable corporate earnings quarter from US companies reporting thus far. European equities were the worst performers with Asian markets the best. Findlay Park American fund was our best performer, though it was another US fund – Janus US All Cap Growth – bringing up the rear of the table again. We remain constructive on the longer-term outlook for markets given the health of corporate balance sheets, but expect more volatility in the shorter-term.”