Guenter Woinar

“We remain bullish on equities and leave our allocation unchanged. The major equity moves were the reduction of the Nordea North American Value in favour of the Newton Japan Equity fund and the substitution of the First State Global Emerging Markets Equity fund with the euro-hedged Oyster FFP Emerging Markets product. In bonds, we reduced the DIT Europazins by 2 per cent, which we switched into the American Express Global Emerging Markets Liquidity fund.”

Amount (E) - Fund

11,000 - Fidelity European Growth

10,000 - DWS Vermoegensbildungsfonds I (global equity)

8000 - Nordea I North American Value

8000 - American Express Epic Global High Yield Euro

8000 - JPMorgan Fleming International Bond

8000 - Meinl European Land (real estate, Eastern Europe)

8000 - American Express Epic Emerging Market Liquidity

7000 - DIT Europazins (European bonds)

6000 - Invesco Extra Income (Global corporate bonds)

6000 - Newton Japan Equity

5000 - Griffin Eastern European (equity Eastern Europe)

5000 - Aberdeen Sovereign High Yield Bond (emerging markets)

5000 - Merrill Lynch US Small Cap Value

5000 - Oyster FFP Emerging Markets