“During another volatile month, returns market to market were mixed for Euro investors. We chose to stick with our over-weights towards Japan, home of the worst returns of the month for our portfolio, and also stick with top performing emerging markets. In bonds we re-adjusted saying goodbye to the sterling- focussed Invesco Sterling Bond Fund and added the proceeds to Thames River High Income which has more flexibility, a higher yield and a Euro-hedge. Other funds of note were IVI European which rose 3.9 per cent. Cazenove UK Absolute also did well rising 2.22 per cent for the month capitalising on volatility.”