Gary Potter and Rob Burdett

“Risk was rewarded again in May as the pattern of good month/bad month/good month continued. Within the rally, risk was rewarded, as we suggested it might last month, and the Nevsky Global Emerging Markets fund was our best performing holding rising 9.9 per cent. This was followed by Asia ex-Japan positions and then a little less predictably by Japan which finally looks as if it may be shaking off its pariah image. Whilst it is encouraging to see markets have a strong month, the volatility this year still leads us to pursue a balanced portfolio, albeit overweight the emerging areas of the equity markets.”