Gary Potter and Rob Burdett

“During what was the worst quarter for almost 10 years in some markets, risk trades were not rewarded and currencies played a large part in returns. For this Euro-denominated portfolio a reduction in equity weightings and an increase in absolute funds and cash seems appropriate in the short-term. There were good positive and relative returns in September from Findlay Park in the US, Odey UK Absolute Return and Thames River Global Bond, the former pair helped somewhat by currency moves as were the two Japanese holdings where we are grateful for holding a reasonable allocation.”