He points to the GLG Japan Core Alpha and Martin Currie North American funds as offering sterling hedged share classes.

"While the S&P500 index and the Japanese Topix Index have both fallen 3 per cent in local currency terms so far this year, Topix has gained 10 per cent and the S&P500 5 per cent when translated back into sterling. This has been reflected by positive returns from North American and Japanese equity funds," Pemberton said.

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