Graham Duce

“While a high degree of uncertainty remains associated with the severity of the economic downturn, there are signs that the credit crunch is easing and this month saw global equity markets recover some of the previous month’s lost ground. The previous month’s fund switches into Melchior Select Japan Advantage and Martin Currie North American Alpha proved to be good trades as both funds were positioned well to capture the upside, finishing the month within the top quartile of their respective sectors. However the sharpness of the market recovery does raise some concerns and we have reduced our equity weighting in favour of cash.”