Gary Potter and Rob Burdett

“An interest rate rise from the ECB caused the euro to strengthen this month. Japan continued to suffer from fears over slowing growth and ongoing threats from earthquake aftershocks. The Morant Wright Japan fund was the worst performer with the Janus US All Cap fund the best, despite the dollar falling 4.5 per cent against the euro. Although a strong corporate earnings season is now largely over in the US market, we are still constructive on equities, but we remain cognisant of the headwinds of macro factors that will likely continue to create volatility and therefore favour stock-pickers.”