David Bulteel

“March completed a shaky first quarter for the markets. Continued concerns with issues such as the credit markets, corporate profits, economic growth and consumer sentiment continued to dent confidence, although all equity funds ended March at higher levels than were plumbed mid-month. The higher beta areas such as Emerging Markets (JP Morgan) and Japanese Smaller Cos (Atlantis) suffered but we remain comfortable with both managers and long term prospects for the respective asset classes. Dexion Absolute, a listed fund of hedge funds suffered from discount widening or, strictly speaking, a partial loss of its premium rating.”