“May was a better month for the portfolio with all holdings (bar the Fidelity Bond Fund) ending the month in positive territory, as measured in Euro terms. The stand-out performer was the small cap orientated Atlantis Japan fund which rose by around 15 per cent. This does however need to be viewed in the context of an awful second half of 2007 and beginning of 2008. Nevertheless Japan, for us, remains an interesting contrarian play, given that many foreign investors have thrown in the towel. If anything the GDP numbers look relatively resilient to the Western world plus company valuations do look overly challenging.”