Gary Potter and Rob Burdett

“From a Euro investor’s perspective home markets were the safe(r) haven during an awful month for anyone taking investment risk. Our defensive stance helped somewhat, but recent investments overseas only outperformed on a relative basis – JO Hambros Japan for example giving top quartile relative returns. Holdings we continue to favour would include IVI European which has held up well so far in 2008. The Far East and other emerging markets continue to gyrate wildly and yet overall the prospects continue to support an overweight stance, and if markets rebound, these regions should contribute.”