Gary Potter and Rob Burdett

“World equity markets made mixed progress in Euro terms, leaving behind bonds in mild negative territory. Excellent relative and absolute returns from Findlay Park in the US, Rensburg and Old Mutual in the UK, Cazenove in Europe and JO Hambros in Japan helped offset the bond element of the portfolio. We have taken the opportunity to re-align our portfolio construction this month and although no funds have changed, turnover of 20 per cent has occurred with the holdings to adjust the overall stance of the portfolio towards the most flexible managers and those with the most latent potential in our opinion.”