David Bulteel

“The post holiday blues have set in with equity markets suffering from a hangover. Since the MSCI World Index was up nearly 20 per cent to 19 September, some reaction was to be expected. Euro bonds are currently yielding around 4.1 per cent and we see no reason to increase our exposure. We therefore keep some of our ‘powder dry’, awaiting developments. We are keeping an eye on the Investec Continental European Equity Fund, which has been underperforming.”

Amount (E) - Fund12,075 - Cash

12,500 - Fidelity Funds European Bond Fund

12,500 - Gartmore CSF European Bond

11,675 - Gartmore CSF Continental Europe (small cap)

11,675 - Investec GSF Continental European Equity

11,650 - Henderson Horizon Continental European Equity

10,000 - Baring European Bond Fund

5375 - Credit Suisse USA Equity

5375 - GAM Star American Focus (equity)

3200 - Lazard UK Equity

2650 - Mellon Newton Asian Equity Portfolio

1325 - Martin Currie Japan Fund (equity)