David Bulteel

“So far, the summer is panning out as quietly as expected. We have long advocated holding back from a full weighting in the bond markets. This has proved correct. But since last month, bonds have run into heavy profit taking. Euro bond yields, having fallen to nearly 3.5 per cent, are back up to just under 4.2 per cent – a sharp rise in around six weeks. Thus we’re taking €10,000 from the €22,000 we hold to make an investment in the Baring European Bond Fund.” Amount (E) - Fund 12,075 - 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)