“October marked a month of consolidation across most markets and asset classes generally, as investors began worrying about the next phase in recovery. No changes were made to the underlying portfolio, having freshened-up the list earlier in the summer. The only fund that appears to be struggling relative to its peer group is the Fidelity European Fund and we shall be monitoring this accordingly. Elsewhere our patience with the listed hedge fund of funds, namely Dexion, seems to be paying off, mostly down to discount closing and a more stable sentiment towards and within the hedge fund arena.”