David Bulteel
“Equities proved vulnerable to continued rises in oil prices and interest rates, prompting profit taking in markets which had become complacent. The sharp volatility in May has since moderated, although it is too soon to assume that the correction is over. The inflation risk appears modest, suggesting that interest rates should not have to rise significantly further. It could take time for the inflation and growth numbers to give reassurance about the 2007 outlook, but equity valuations and merger activity are supportive factors.”
Amount (E) Fund
15,000 Baring Global Bond Fund
15,000 Fidelity Funds European Bond Fund
11,000 Artemis European Growth Fund
11,000 Fidelity European Equity Fund
11,000 Gartmore Continental European Equity
6,000 JPMorgan European Fledgeling Investment Trust
5,000 Polar Capital Japan Fund
5,000 Dexion Absolute Fund of Hedge Funds
4,000 Legg Mason Value Fund (US equities)
4,000 Thames River Global Bond Fund
3,000 European Asset Value Fund (European Property)
3,000 Lazard UK Alpha Fund
2,000 Findlay Park US Smaller Companies Fund
2,000 UBS US Equity
1,500 Aberdeen Far East Emerging Markets Fund
1,500 Morgan Stanley Emerging Markets Fund
