David Bulteel

“January proved to be another volatile month for equity investors but some relief was felt in peripheral areas like high yield bonds and funds of hedge funds. The former currently enjoys better liquidity and lower exposure to financial bonds than their investment grade siblings. On the fund of hedge funds front, discount narrowing helped the track record Dexion Absolute IT after a pretty torrid 2008. Schroder UK Alpha Plus has struggled over the last few months, mainly due to the fund’s exposure to banking and mining, but we have high conviction with the manager and his ability to improve returns.”