Gary Potter and Rob Burdett

“Commodity price volatility and a general slowdown in macro data caused turbulence in markets as most gained ground in euro terms, as currency strength continued. The US was the best performing market with Europe fairing worst. Most funds held made modest gains, with Odey UK Absolute gaining over 4 per cent , while Tiburon Taipan was the underperformer losing 5 per cent. Recent numbers have suggested that macro fortunes are turning more negative, but we remain constructive on funds with a bias to stock selection given the underlying strength of corporate balance sheets.”