Bernard Aybran

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From Fund Selection 01 April 2005

By PWM Editor

“With the important exception of the US, major markets recorded new highs during the first couple of months of the year. In particular, natural resources, both mining and energy, had the most impressive returns.
“With these good returns we decided to take some profits off the table and to reduce our exposure to equity markets as a whole, beginning with the US markets, which are more expensive and failed to gather any momentum so far this year.”

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Bernard Aybran

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