Garry Potter and Rob Burdett

“Tragic events in Japan resulted in a dramatic fall in equities, though a rebound limited losses over the month. Other markets stepped back given the potential implications for global growth, but also gained ground in the aftermath to end the month flat. Strength in the euro meant negative returns for all but Asia and emerging markets however. The two Japanese funds held were the worst performers, with Taiburon Taipan compounding the positive returns from Asia as the best performer. There remain headwinds on the horizon but equally the strength in corporate balance sheets means we remain cautiously positive.”