David Bulteel

“We have decided to make several changes in the portfolio. We switched Artemis European into a mixture of Gartmore Cont. Europe and Schroder European Alpha Plus. We have been concerned for sometime that the Artemis quant driven process for Europe as been slightly hamstrung by sentiment driven markets. We have pulled out of European Asset Value which is a property securities fund and switched the small-cap orientated Atlantis Japan into the more broadly based Polar Cap Japan fund which has delivered returns recently. With the residual cash we topped up the Findlay Park American Smaller Cos. Fund.”