David Bulteel

“Risk assets were back in favour during September. A strong showing was seen by Schroder UK Alpha and Fidelity European both of which achieved a 5 per cent plus return for the month. The former, in particular, has a fantastic long-term track record on a peer group basis. Fund manager Richard Buxton does not shy away from taking bold stock bets but he has a high success ratio over all. Conversely Cazenove European is lagging its peers. The manager Chris Rice has a fine record over three and five years, but his defensive nature/value orientated style has led to a muted recovery, among its peers. No changes to the portfolio.”