Peter Fitzgerald

“Currencies matter. Too many investors, especially equity investors, have tended to ignore them, preferring to assume that over time their effect will be neutral. This year, currencies have had a large impact. Our equity investments, which are 70 per cent non-euro, have done well for clients. In our alternatives, UK commercial property has performed well and the move into Hugh Hendry’s Eclectica Fund, which increased over 3 per cent in May, helped. The big disappointment was Odey who lost over 10 per cent in May. We continue to support this manager. You can’t be right all the time.”