Gary Potter and Rob Burdett
“July saw many markets hit new lows for the year, before rallying a little in the second half of the month as the oil price fell back from new highs. In euro terms the US and the local markets fared 'least worst', but bond positions in some cases rose and in our portfolio the Invesco and both Thames River bond funds all made positive returns. Looking out we call time on JOHCM European Select Values and bring in the more flexible Neptune European fund, at the same time rejigging our weightings a little. Overall we remain cautious strategically but at the time of writing a little more optimistic tactically for the very short term.”
AMOUNT (E) FUND
15,000 Blackrock Absolute Alpha (UCITS III narrow long-short equity)
13,000 Invesco Sterling Bond (flexible sterling fixed income)
10,000 Findlay Park US Smaller Companies (quality value driven small and mid-cap)
10,000 Thames River High Income EUR (active top-down/bottom up E-hedged
8,000 JO Hambro Capital Management Japan (value-driven mid-cap bias)
7,000 Thames River Global Bond EUR (total return global short duration)
6,000 IVI European (Intrinsic value-driven cash flow focus)
6,000 Nevsky Global Emerging Markets Fund (directional long-only equity)
5,000 Cazenove European (business cycle relative value)
5,000 Neptune European Growth (flexible thematic stock driven)
5,000 Rensburg UK Managers' Focus (focus fund pooling four managers' best ideas)
4,000 Coupland Cardiff Japan (flexible absolute return-driven)
4,000 Veritas Asian Fund (real return Asian equity)
2,000 Old Mutual Dublin UK Select Smaller Cos (capacity limited UK small Cap top-down/bottom up)
