David Bulteel

“Constituent funds were hit by a poor macro backdrop and one that has been difficult for virtually every asset class bar those that are "risk free" in nature. It is therefore not a surprise that JPM Emerging Mkts was the worst performer but part of this will be down to the natural resource/commodity based content. Artemis European also struggled in this area. Quant-based funds are struggling in these sentiment driven markets. The Artemis fund remains poorly positioned in its peer group. Threadneedle Asian is another that is struggling in absolute and peer group terms and the de-coupling myth dies down.”