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By PWM Editor

“There is little need to comment on market movements in January, but which managers did well (or not!) is certainly of interest. The MSCI Europe ex UK Index fell more than 12 per cent. The IdB Equity Income fund, which made full use of its flexible mandate, hedged its exposure during the month and fell only 4 per cent. This helped compensate for the poor performance from the Artemis European Growth Fund, which returned -15 per cent. Given the poor performance of this fund last year and the apparent difficulty of the quant processes in general to outperform in a non-trending market, this fund is under close watch.”

 

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