Robert Burdett

“A good month for our stance, with equities continuing their recovery. Bonds also made some progress as expectations of an economic slowdown in 2007, led by the US, gathered pace, easing the pressure on further rises in interest rates around the world. A number of the selections performed particularly well. The star of the selections was, however, the Thames River Global Emerging Markets fund which rose over 5 per cent during the month. We remain happy with a mild equity overweight but are watching our regional exposures carefully in the final quarter.”