Gary Potter and Rob Burdett

“After a strong start to the year, March brought change. Positive economic news from the US drove equities higher, but emerging and Asian markets that had led the early rally gave back some of their gains. Currency was an influencing factor on fund performance with the weakness in the yen boosting the euro returns from the Morant Wright Japan fund. The Neptune European Opportunities fund compounded the negative market returns as our worst performer. We consider the decoupling of markets in March to be a sign that more fundamental factors are driving markets and while we expect more volatility, we remain positive for 2012.”