“In March we sold our holdings in the Schroder Agriculture Fund. This fund may continue to appreciate but the story of bio fuels and food price increases appears now to be so well known that one could argue that much of this is already priced in. We may have sold early but a 30 per cent return in this environment over 5 months is one we decided to book. The IdB Equity Income Fund, given its defensive nature and ability to hedge, has performed well, but we have been disappointed by the Invesco Perpetual High Income Fund, which has underperformed the market so far this year by 3 per cent, despite the manager’s bearish economic outlook.”