Peter Fitzgerald

“At the beginning of September, we increased our equity positions, reducing cash. We invested in the First State Latin America Fund. The appeal of this fund was the focus on the more domestic orientated businesses and what I would term a structural underweight to large cap Brazilian companies. We also reduced our allocation slightly to UK equities to facilitate this move. We maintain an overweight allocation to the UK as we believe a combination of attractive equity valuations and currency under valuation make this market attractive for Europe-based investors.”