Graham Duce
“Last month’s reduction of Government debt was timely as the asset class witnessed a slight correction as fear of increased supply resulted in negative returns. We continue to favour credit of government debt but remain concerned about both the economic outlook and deleveraging process. While the current credit spread levels all but price in expected defaults associated with a recession, the amount of leverage left in the system is still unknown. Given this outlook we remain positioned within the Bluebay fund. We continue to hold some pure government debt via the Thames River Global Bond fund.”
AMOUNT () FUND
15,000 BlueBay Investment Grade (European corporate)
14,000 Thames River Global Bond EUR (global sovereign fixed)
10,000 Mainfirst Avant Garde (pan-Euro equity)
10,000 Templeton Asian Bond Fund (Asian bond/currency)
9,000 Martin Currie North American Alpha (US equity)
8,000 JO Hambro Capital Continental European (Euro ex-UK equity)
6,000 Melchior Select Japan Advantage (Japanese equity)
5,000 Blackrock Absolute Alpha (absolute return)
5,000 Findlay Park US Smaller Companies (US equity)
5,000 Resolution Hexam Global Emerging Markets (GEM equity)
4,000 Thames River High Income EUR (global credit)
3,000 Cash (money markets)
3,000 SG Japan Core Alpha (Japanese equity)
3,000 Veritas Asian Fund (Asia Pacific equity)
