Peter Fitzgerald

“The best performing equity managers were Wellington & Axa Rosenberg in the US, both returning approximately 7 per cent. The emerging markets did poorly as the decoupling thesis faced the reality of a global integrated economy. Our European managers substantially outperformed, returning 4.6 per cent (IdB Equity Income) and 3.2 per cent (Odey) compared to a market return of approximately 1.5 per cent. These are also the two best performing equity managers, year to date, underlining the importance of having a willingness to make changes as market circumstances dictate. Hedge funds disappointed.”