“January proved to be a month of two halves with the positive moves of December continuing until mid January at which point, despite positive fourth quarter company earnings announcements, economic fears caused investors to step back. The euro was weak, with the overall result being a negative month for all markets except Japan. The Johcm Japan fund was the best performer of the selection. The volatility that we have seen so far this year is set to continue in our opinion and we remain focused on using this environment opportunistically where we can going forward.”