Peter Fitzgerald

“The best performing fund last month was the Nevsky Global Emerging Markets fund, which returned over 10 per cent in euro terms. The major under-performer was the Invesco Perpetual UK Equity High Income Fund with a loss of 6 per cent in euro terms. We have made no manager changes during March, following the changes towards the end of February. The Bluebay High Yield Bond fund delivered a return of +2 per cent since our investment. With some 37 per cent of the portfolio invested in equities, we are participating in this equity rally, which could well continue longer than many market participants believe.”