The last three months have been a roller coaster ride for investors. June was largely negative for all asset classes, with July seeing a strong pull back, especially for those sectors hardest hit this year – Small cap and Technology. Macroeconomic news continues to be the main market driver; reacting to energy price movements, inflation and falling consumer demand. August again proved challenging with emerging markets faring better than their developed counterparts, and we were pleased to see a strong performance from our Indian positions. We continue to believe that interest rate clarity is required for any lasting recovery.