Gary Potter and Rob Burdett

“The summer tradition of thin volumes and volatility ensued in August. Deflationary fears drove government bonds to new levels, while equity markets lacked direction due to a lack of clarity from global macro issues. Positive absolute gains were seen from the two Thames River bond holdings, with the biggest negative from the Odey UK Absolute Return fund. We have switched out of the Rensburg Managers’ Focus fund into the Majedie UK Focus fund. We remain cautiously positive going forward, overweight equities and focussed on stock-pickers over thematic and macro managers.”