I have the pleasure of sitting next to Charles Hovenden, who has an excellent record of running absolute return products. Charles is a delightful colleague, engaging, thoughtful and entertaining in equal measure. However, towards the end of each month he becomes more withdrawn, anxious and well let's say just a bit crotchety.

2018 was not a good one for absolute return strategies and for many active managers in general, as markets became increasingly driven by momentum. This is not unusual in a mature bull market but nevertheless it makes it no less difficult to come to terms with. Clients rarely recognise such subtleties, elevating pressures as reporting periods approach and little wonder that portfolio manager tension builds towards the end of the month.