“We continue to see increasing amount of new products utilising the full Ucits III rules, offering investors absolute return profiles independent of stock market conditions. However investors need to be aware that these products are not designed to keep pace with liquidity driven bull markets. Given our current cautious view on global markets, these new funds offer us attractive tool to deliver returns in these markets, without facing the full potential volatility. With this in mind, we have bought the newly launched RWC Absolute Alpha, from a manager who has demonstrated a strong risk return profile wherever he has been.”