First three months saw worst quarterly Asian stock markets performance since 2003: Veritas.

Investment Adviser, April, 2008

Byline: Oliver Shah

The first three months of 2008 saw the worst quarterly performance in Asian stock markets since 2003, according to Veritas Asset Management.

Ezra Sun, manager of the GBP413.7m Veritas Asian fund, saw his portfolio decline by 12.9 per cent against a fall of 13.6 per cent for the MSCI Asia Pacific ex Japan index

Mr Sun said: "The gut-wrenching turmoil of March is now behind us and there is a semblance of calm in the market. While there is a fair chance the market has escaped the clutches of a credit crisis and is on the mend, there are still good reasons to be cautious."