Gary Potter and Rob Burdett

“March witnessed a sharp about-turn in equity markets. Conversely, bonds found it generally heavy going, the exception being riskier assets reflected in good returns from Thames River High Income. It was a good month for our fund selections, with stand-out returns from Nevsky Global Emerging Markets. UK equities were a drag in absolute terms, as were European equities in relative terms. Our strategy remains one of diversification by manager skill in the face of high levels of asset correlation. We believe the managers we have chosen are more flexible than the average and their returns this month generally back this up.”