David Bulteel

“Cash remains king for the cautious investor. Equities are still vulnerable to every twist and turn of the Middle East situation. In our view, bonds remain over-priced despite the correction last month, which saw yields rise by 25 basis points. We recommend holding the position as it stands. However, we are keeping an eye on the Investec European fund where certain stock calls have hurt the fund performance. This now appears ‘back on track’ and we’ll give management the benefit of the doubt for the time being.”

Amount (E) - Fund 13,000 - Investec Select Global Bond (blend quality corporates) 12,000 - Credit Suisse Bond Euro (euro quality debt) 12,000 - Mellon UG Global Bond (global macro bonds) 10,000 - Baring High Yield Bond (high yield debt) 10,000 - Merrill Lynch EuroMarkets (fundamental quality pan-European equity) 10,000 - Schroder ISF European Alpha (European ex-UK equity) 7000 - Lazard UK Equity (UK core active) 6000 - Legg Mason Strategic Value (US large cap value) 5000 - BDT Invest Asia (Asia equity absolute style) 4000 - GAM Star America Focus (US large cap blend) 4000 - Gartmore CSF Emerging Markets (growth emerging equity) 4000 - Polar Capital Japan (Japanese Garp equity) 3000 - Nordea American Value (US equity mid and small cap value total return)