Gary Potter and Rob Burdett

“Markets waned in October with the looming election in the US and transition of power in China adding to general malaise caused by a weak US company earnings season. Positive news from the latest European summit led to a reasonable run in Europe mid-month. While this dissipated somewhat, the region still gave the best returns of the major indices in the month. Japan fared worst, wholly down to a significant weakening of the yen. The Odey UK Absolute fund was our best performer, with the Morant Wright Japan fund suffering the fortunes of its underlying market. We remain constructive on markets into the year end.”