Dario Brandolini

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From Fund Selection 01 April 2006

By PWM Editor

“Our balanced portfolio is lightly overweight in equities versus bonds. Leaving a neutral asset allocation, we found very interesting themes around the world, with sectors that did very well in 2005, and we believe they will continue to do well in 2006. With unchanged conditions of some commodities markets, we maintain our energy and gold & mines sector exposures. As a new theme for 2006, we suggest investing in the technology sector worldwide. Good growth perspectives in Asia suggest Asian property exposure.”

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