Gary Potter and Rob Burdett

“The risk trade was back on in July following positive corporate newsflow, the announcement of European bank stress test results and the relaxation of Basel III banking regulations. Rensburg UK Managers Focus was the strongest performer, with Thames River Global Bond fund at the other end of the spectrum. We have switched our US exposure from the more macro focused Neptune US Opps to the more nimble Janus US All Stocks fund. Going forward we expect continued volatility as market sentiment remains split between positive corporate news and fragile economic data.”