David Bulteel

“April represented a solid month for our fund choices. All three European funds have now outperformed their respective peers for the last one and three months. Not wishing to exhibit too much short-termism, Cazenove and Gartmore endured a disappointing 2010 so any improvement is to be welcomed. Cazenove had been too defensive and the same might be applied to Gartmore although the latter did have corporate issues hanging over it. UBS US equity remains a concern, highlighting the difficulty fund pickers have in choosing mainstream US funds that can consistently outperform.”