Global equity indices fell sharply during the month as a succession of bad economic news and fears about the health of financial institutions frightened the markets.
Nevertheless, returns from the global equity category were fair, while some funds even managed to excel.
Ermitage Global Long/Short was up 1.87% on the month, for example, bringing three-month numbers to 4.04%.
Manager Michael Howard had observed the clustering effect that had seen even talented stock-pickers suffer in 'downdraft' months such as October 2005 and May 2006 because of the weight of money in this strategy.
Accordingly, the fund was revamped around