David Bulteel
“The recent rally in global equities may signal that exuberance is reviving. Valuations may not look expensive but the tactical risks have increased. We would prefer to buy dips than fall into the trap of becoming more optimistic the higher the market rises. The more watchful tone in central banks’ statements is a reminder that investors may have become complacent about inflation. We remain cautious of bonds, where real and nominal yields give little reward for abandoning a deposit account.”
Amount (E) Fund
16,575 Gartmore CSF Continental Europe (large cap)
14,500 Fidelity Funds European Bond Fund
12,500 Gartmore CSF European Bond
11,675 Investec GSF Continental European Equity
11,650 Henderson Horizon Continental European Equity
10,000 Baring European Bond Fund
5,375 Credit Suisse USA Equity
5,375 GAM Star American Focus (equity)
3,200 Lazard UK Equity
2,650 Mellon Newton Asian Equity Portfolio
2,500 Findlay Park US Smaller Companies
2,000 Martin Currie Japan Fund (equity)
2,000 Cash
