Gary Potter and Rob Burdett

“Unexpectedly positive economic data gave a boost to markets in September. Currencies were the major influencing factor for the relative performance of funds with the 7.4 per cent appreciation of the Euro over the dollar most notable. Due to its currency hedge, the Janus All Cap Growth fund was the best performing of the selection. Japan was a laggard as government intervention weakened the Yen by 5.3 per cent compounding negative returns from the equity market. As we enter October we remain of the view that the focus will shift back to fundamentals and that stock picking funds will be rewarded.”