Gary Potter and Rob Burdett

“A strong earnings season gave support to a market that was also buoyed by the potential for more quantitative easing from major central banks in the fourth quarter. Currency volatility continued, however the net move was marginal in the month. Janus US All Cap continued to lead the portfolio’s performance with Cazenove European having a positive month also. Thames River High Income was the weakest performer as bonds marked time. Looking into the end of the year, we are cautiously positive, with a sharp eye on the potential for a change in interest rate and growth prospects into 2011.”