David Bulteel
“Equities advanced further as quarterly earnings reports were reassuring and economic releases indicate that the growth ‘air pocket’ is over. The UK economy looks relatively weak but offers an attractively valued source of overseas earners. Bonds remain unattractive, offering little margin of safety against adverse inflation surprises. Although high, oil prices are a headwind, and equity markets look reasonably rated, with more upside potential if corporate profits continue to rise into 2006.”
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
