Marjolijn Breeuwer, manager selection team, Insinger de Beaufort<br>Based in: Amsterdam, The Netherlands
“We decided to move out of high yield bonds. Credit spreads came in during the whole of 2003 and we felt that the risk/reward of these instruments had deteriorated relative to government quality paper. We therefore removed Pimco High Yield from the model portfolio and increased our position in Thames River Global Bond, the government bond portfolio with an absolute return focus, which has recently been added to the model portfolio”
Amount (E) | Fund
30,000 | Insinger de Beaufort Multi-Manager Zeus (fund of hedge funds)
12,500 | ABN Amro European bond (European bonds)
10,900 | Wellington US Equity Research (US large cap core)
10,500 | AXA-Rosenberg US Equity Alpha (US large cap core)
7500 | Pimco Total Return (US Fixed Income)
6800 | Thames River Global Bond (Global fixed Income)
3300 | JO Hambro Continental-European (Large & mid cap)
2500 | Thames River European (Continental-European large cap)
1900 | Thames River Global Emerging Markets (emerging countries)
1600 | Cambrian (US small/mid caps)
1500 | Odey Pan European (Top-down Pan-European)
1500 | Liontrust First Income (UK core)
1400 | Polar Capital Japan (Japan equity)
1400 | Aberdeen Asia Pacific (Asia ex-Japa)
1400 | Henderson Japanese Equity (Japan equity all cap)
1300 | Invesco Perpetual High Income (UK core (income)
1200 | Ashmore EMLIP Sovereign high yield
1000 | Cazenove UK Growth & Income (UK top-down)
1000 | Henderson Pan European Smaller Companies (Japan large caps)
800 | Legg Mason Japan Equity (Japan large caps)
