Gary Potter and Rob Burdett

“Markets returned from the new year in a positive mindset with markets rallying significantly. The risk trade was clearly back on as emerging markets led the pack with a gain of over 10 per cent in euro terms followed closely by Asia at over 8.5 per cent, making the not insignificant 2 per cent plus returns from bonds look decidedly average. Aberdeen emerging markets was our best performer, though the return to form of the Janus US All cap growth fund was more pleasing. The cautiously positioned Thames River Global Bond lost ground. While a short-term pull back is possible after such a strong run, we remain positive for 2012.”