“In May, we made no changes to our portfolio. The best performing fund in absolute terms was the Nevsky Global Emerging Markets Fund with a return of some +3.44 per cent compared to the MSCI Emerging Market Index return of +2.09 per cent. We continue to rate this team. It is also worth highlighting the exceptional performance of the IdB Real Estate fund which managed to post a positive return for the month of 1.5 per cent despite a 3 per cent fall in European property indices. The manager reduced net exposure to as low as 15 per cent during the month by increasing short positions and this helped support performance.” ”