Gary Potter and Rob Burdett

“In Euro terms, February was a mixed month for our balanced portfolio. The underperformance of bonds does not yet attract us to bottom-fish and add to our positions here, preferring the insulation that the two in-house funds we are using (Thames River High Income and Thames River Global Bond) give us from the worst of the credit crunch continuation. Within equities we increase Japan at the expense of holdings in the UK and Europe with the introduction of JO Hambro Japan Growth. This value-biased fund has been targeting the oversold stocks in the Japanese market on good absolute valuations.”