David Bulteel

“March was a better month for portfolio constituents overall, as investors, broadly speaking, became a little less risk averse. Therefore it was not a surprise to see such funds as the JPM Emerging Markets leading the way. Another notable performer was the Schroder UK Alpha Plus. Manager Richard Buxton has been happy to continue dabbling in the financial and resource sectors, despite the downturn. The major detractor was our hedge fund of funds, Dexion Absolute IT. This fund is struggling with its price discount to net asset value but there is a certain amount of pressure on the board to resolve matters.”