The Japanese yen continued its decline after a series of losses extending since around midnight yesterday. The US dollar against the Japanese yen (USD/JPY) reached a new record level this year at 148.458, the highest since November of last year.

The euro is subject to enormous economic forces that could equally be very positive for the currency or the cause of an even greater fall.

The fund's investment strategy is based on an established process, which has a track record of producing returns with a low correlation to equities, bonds and alternatives, demonstrating particularly strong resilience in adverse market conditions.

The monthly data published at the start of the second quarter are fairly mixed and show no tangible signs of growth momentum improving in China. The GDP published for the second quarter has recently confirmed this sentiment. The slowdown at work since the start of the decade is continuing, but not accelerating.

2018 has been marked by various emerging market crises. From Turkey to Argentina, confidence has eroded, resulting in bond and currency chaos. There is a growing focus on South Africa, and our analysis suggests that will continue.