Gary Potter and Rob Burdett

“July saw many markets hit new lows for the year, before rallying a little in the second half of the month as the oil price fell back from new highs. In euro terms the US and the local markets fared 'least worst', but bond positions in some cases rose and in our portfolio the Invesco and both Thames River bond funds all made positive returns. Looking out we call time on JOHCM European Select Values and bring in the more flexible Neptune European fund, at the same time rejigging our weightings a little. Overall we remain cautious strategically but at the time of writing a little more optimistic tactically for the very short term.”