David Bulteel

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From Fund Selection 01 December 2006

By PWM Editor

“Equities rallied further from their early summer blues, reaching five-year highs in several cases. There was brief concern that the US economy was losing momentum too quickly – retail sales, industrial production and various leading indicators were weaker than expected. However, company results and, more importantly, outlook statements continued to please and provide support. Bond markets were little changed over the month. We have made one switch in the portfolio, from Lazard UK Alpha into Schroder UK Alpha Plus.”

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