David Bulteel

“April represented a difficult month for the markets as fiscal and sovereign debt issues once again rose to the fore, particularly in Southern Europe. On the fund front, our US Funds did well in both a relative and absolute sense (not just because of the strength of the dollar). Our ‘evergreen’ holding in Findlay Park US Smaller Cos. has probably been our most successful holding over the last decade, amongst the mature market sectors. Elsewhere Polar Capital Japan has also showed some resilience and decent rankings in 2010.”