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Fiona Barwick, the fund manager at Mondrian who runs the £76.9m Lincoln Far East Trust, said: “The fact the US dollar is already undervalued against the euro and other major currencies means it is unlikely to fall significantly, which should offer some stability to commodities priced in dollars, such as oil and metals.”

Food price inflation should also decrease, she said, as bumper harvests will release some of the pressures in agricultural commodity markets.

"For instance, the US Department of Agriculture states that this year’s wheat crop will be at a record high," she said. "We are feeling positive about the fund, although there may be more volatility in the market going forward.”

For the three years to 11 August 2008, the trust achieved a third-quartile performance in the global emerging markets sector, returning 49.4 per cent compared with a sector average of 56.8 per cent, according to Morningstar. This placed it 21st out of 27 funds.