Gary Potter and Rob Burdett

“The risk trade continued in April with higher beta areas leading markets forward. Despite continued concern over the Greek bailout, investors took comfort from positive economic and corporate figures. Currencies were volatile with the euro weakening considerably which resulted in flattered returns from all but euro denominated base currency funds. We are increasingly cautious in the short-term following the strong run in markets and have switched the holding in Cazenove UK Absolute to the more directional Odey UK Absolute to reflect this. We remain more positive in the longer term.”