Gary Potter and Rob Burdett

“Our short-term caution proved to be correct in May as details of the European bail-out of Greece and an engineered slowdown in China were factored into growth forecasts. Currencies were again volatile with the euro continuing to weaken, particularly against the dollar. The best performing fund in our portfolio was the Thames River Global Bond fund, thanks mainly to its position favouring the dollar. The recently added CF Odey UK Absolute also made positive ground, contrary to other absolute funds. While there is a heightened sense of fear in the markets, we are selectively positive at these lower levels.”