David Bulteel

“No changes in the month. May represented another month of agonising for market participants with the flight to safety helping ‘risk-free’ assets and notably the dollar. It was therefore little surprise that our best performing fund was the TR Global Bond Fund, which delivered a return that was almost into double digit territory for the month. This was followed by our equity funds in the US but the strong showing here was really down to currency translation, as much as anything. Conversely our European funds did less well on a relative country/regional basis.”