David Bulteel

“July represented a month when certain ‘risk markets’, namely Asian and emerging market equities, bounced back quite strongly in absolute terms with our holdings such as Fidelity South East Asia and First State Emerging Market Leaders both delivering returns in the 5 to 6 per cent range. The ultra-defensive TR Global Bond Eur Class was the main laggard. However the managers are highly experienced so we are not too worried, and at the end of the day the fund performs a certain role for the overall portfolio, offsetting some of the risk positions elsewhere.”