“Equity rallies were cut short during a volatile month and in most cases stocks more than gave up their gains. In these conditions sterling-denominated positions out-performed, otherwise it was a case of limiting the damage. We were pleased with the relative performance of Veritas Asian and Nevsky Global Emerging Markets in particular. Looking further out, risks to growth remain and the question over when and how stimulus is withdrawn will dominate asset class relative returns over the next market phase. For now we are happy to retain a 58:42 split in favour of overweighting equities but the trigger finger is twitchy.”