Gary Potter and Rob Burdett

“January saw difficult market conditions continue. The fact that 10 of our 12 fund selections outperformed their peer groups was cold comfort but key weightings in defensive holdings such as BlackRock Absolute Alpha and Thames River Global Bond mitigated the poor returns overall to a degree, as both once again rose in value. We retain our current portfolio structure and selections in the expectation they will use their experience and flexibility to profit from the current difficult markets.”