After being 10% down in January, the Fund bounced back sharply in February and March due to our exposure in China, India and more generally Emerging Markets. After raising cash levels to almost 30%, we made the right calls in identifying that the sell-off in January was overdone and that it was prudent to stick to EM. However, we were indeed surprised by the sheer force of the February/March rally, which enabled the Fund to bounce back considerably.  At this stage we think that over the short-term the market may exhibit some volatility on the downside. We are happy to see a stabilization of oil prices and that is a guide for us as it helps settle investor nerves. We are still much more upbeat about Emerging Markets rather than Developed Markets, in particular due to the expansionary monetary policies that China and India have engaged in, as well as the GDP growth numbers that more developed regions like Europe and US are struggling to produce. Trading wise the Fund was not particularly active, but we are rather adopting a more opportunistic style of market timing. Source: Bloomberg