Gary Potter and Rob Burdett

January’s losses extended into what turned out to be a difficult February for markets. Despite our defensive strategy, a lower equity exposure would have been desirable. This was especially the case as bonds lost money with the exception of the Thames River Global Bond fund. Our absolute selections also found the going tougher than normal. However when the fund selections are examined within their peer groups, it was an excellent month for relative performance within our strategy, and it is this that will stand us in good stead over the medium term we believe. No changes are made to the portfolio this month.”