Gary Potter and Rob Burdett

“Markets started February in a positive mood; however unrest in the Middle East and the knock on impact to commodity prices which rose sharply caused a retreat and a rush to safe assets and markets. Japan was relatively immune from the downturn giving the best return on the month, reflected in the Melchior Japan advantage being the best fund held. The Odey UK Absolute fund continues its recent strong run with the Tiburon Taipan fund strong within its peer group, but the weakest absolute returns within the portfolio. We remain of the view that there will be volatility but also opportunity for 2011.”