“As we suspected, the risk trade was back on in December as thin seasonal volumes and year end book tidying saw equities rise across the world. The weakening of the euro flattered returns for international equities, particularly in the US which saw the dollar gain around 4.5 per cent. As a result, the Findlay Park American Smaller Companies fund was by far the best performing fund held. The recent shift from absolute to European equities in December was a positive one. We remain cautiously positive with a keen eye on fourth quarter company and economic announcements to set the tone for the new year.”