David Bulteel

“May represented a positive month for the portfolio with every holding in the portfolio making positive progress in capital terms. Several of the funds (eg Polar Capital Japan, Findlay Park American, Schroder European Alpha Plus, First State Glowbal Emerging Market Leaders) are now first quartile over one, three and five years. We have decided to conduct one switch, selling the Threadneedle Asia Growth and switching the proceeds into the ‘growth orientated’ Fidelity SE Asia which has a superior track record and better consistency in recent years.”