Peter Fitzgerald

“All our European Funds performed well in February and we used this rally to reduce our exposure to this market. As pointed out last month, we were uncomfortable with the Artemis European Growth Fund in the current environment and when we decided to reduce the allocation to Europe, we sold this fund. We added to Schroder Tokyo and our two existing US funds. The star performer for the month was the Nevsky Emerging Markets Fund closely followed by the IdB Real Estate Fund which takes both long and short positions in quoted Real Estate securities; an interesting area this year.”