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August

There were few places to hide during the month as markets around the world fell sharply on fears of a China slowdown and large falls in its stock market.

As far as our portfolio goes, there were small positive gains from German property company DIC, UK student property company Empiric and from Detour Gold, as well as some of the European Holding Companies where Euro strength over the month helped push contributions into positive territory. Overall however, these were little compensation for the very sharp falls suffered across the portfolio with international indices down 6.3%. The largest detractors came from Symphony International, First Pacific, Aker and Kinnevik, whose share prices fell by 17.5%, 18.7%, 12.4% and 13.3% respectively.

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