Gary Potter and Rob Burdett

“The strength of the Euro unwound in February making overseas investment attractive once again. After 2008’s barrage of macro and micro events, in January it was a relief to see our returns dominated by our fund choices. It was a very good month for fund selection results in both absolute and relative return terms for our Euro-denominated strategy. We are optimistic that our portfolio of managers will be able to add relative value this year and the early signs are good that markets are once again differentiating between stocks and sectors. However, our overall stance remains defensive.”