Peter Fitzgerald

“The top performing developed equity market in February was Japan. It returned over 4.5 per cent compared to just 0.7 per cent for the MSCI World and –1.8 per cent for the Emerging markets. The correction since the natural disaster, has wiped out all those gains and we are now back to the levels of January 2010. When such indiscriminate panic selling takes place, we believe experienced managers should be able to outperform. We will maintain and possibly increase our allocation. We made no manager changes in February.”