Gary Potter and Rob Burdett

“What a month! Such turbulent conditions make strategy perhaps more important than fund selection over short periods and our overall defensiveness helped out. Anticipating continuing difficult conditions we have become more cautious in the short term in the fixed income environment adding to government bonds versus corporates. Within fund selections, Coupland Cardiff Japan is replaced by Morant Wright to introduce a further degree of balance sheet safety into what remains nevertheless one of our more favoured market areas. Relatively speaking, fund selection results were generally good within sector.”