“February represented a subdued period in performance terms for stock markets, perhaps overshadowed by events in the currency markets. With regard to fund performance, the ‘evergreen’ Findlay Park US smaller Cos added the most value in absolute and relative peer group terms. The fund is obviously not a core product but year after year it seems to churn out exceptional performance, with its ‘defensive/value’ style of stock picking. The two Schroder Funds (UK Alpha and European Alpha) also did well.”