“During July investors continued to ply the ‘risk trade’ and support recovery potential of the equity markets. Funds such as Gartmore European, Schroder UK Alpha Plus and Threadneedle Asia delivered especially strong absolute and relative peer group performance. Gartmore have, however, announced that their star European manager Roger Guy will be standing down from this fund in coming months. Laggards included Polar Capital Japan but James Salter remains a decent manager and Japan as a market has a lower correlation than most.”