Gary Potter and Rob Burdett

“Despite continuing the falls of November initially, a ‘santa’ rally left markets mildly positive overall for December. Currencies were of bigger consequence as the euro finally buckled, falling significantly against most major peers. The best performer of the selection was Findlay Park American fund which benefited from both the market and currency moves as the US fell into favour, with Morant Wright Japan close behind. The Thames River Global High Yield fund suffered from the lack of risk appetite as the only fund to lose money in the selection. We enter 2012 with a cautious but positive mind-set, with volatility likely to continue.”