Peter Fitzgerald

“The best performing fund in the portfolio over the month was the Schroder Commodity Fund (hedged share class!). Currencies do matter. Crispen Odey managed to deliver solid returns and recoup some of the losses accrued so far this year. This is a difficult market and I do not believe anyone can predict the future. Odey expects inflation. Hugh Hendry, who used to work at Odey and now runs the Eclectica fund, predicts deflation. Odey was right in September. Mr Hendry was wrong, but year to date he has made money. I’m hedging my bets and maintaining a balanced portfolio.”