David Bulteel

“We remain happy to hold a reasonable proportion of the portfolio in euro cash, rather than be tempted into the bond markets. The euro has strengthened, so we’ll use a little cash to ‘top up’ the UK and Far Eastern equity exposure. We, therefore, recommend the doubling of the Mellon Newton Asian Equity portfolio and also of the Lazard UK equity fund. This still leaves the portfolio in a fairly defensive position, but reflects the calmer markets we are experiencing.” Amount (E) - Fund 22,075 - 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 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)