David Bulteel

“October proved to be another strong month for equity markets, as risk appetite was again elevated. On the fund front we saw little need to make any change to our allocation. Since the end of October though, the managers of Nevsky Global Emerging Market have given notice of their resignation from the fund and the consequences of this decision will obviously require further attention in the near term. On the performance front, we are keeping a watchful eye on the performance of Cazenove European, whose ‘defence/value’ orientated approach as lagged so far this year.”