Record’s Q4 trading statement (to March 2010) confirmed that market profit expectations would be met despite the continued out-flow of funds. The historically predominant Absolute Return operation suffered as its investment strategy, based on long-term trends, underperformed as recent market conditions continued to vary from such experience. Record is developing new income streams from an expanded range of currencies (including emerging markets), and active and (much-lower-margin) passive hedging strategies. Through its performance fee structure, there will be further, materially geared, upside on a return to more normal currency patterns. The yield of c 7% is covered by consensus earnings and the group has c £20m net cash.