Marjolijn Breeuwer
“We moved out of Ashmore Emerging Markets Liquid Investment Portfolio based on an asset allocation shift out of emerging market debt and into higher quality government bonds. Despite the improving health of emerging economies, we are concerned about the risk that rising US rates will lead to an unwinding of the emerging markets carry trade. The spreads offered by emerging market bonds can no longer justify the additional risk. In equities, we are further reducing our exposure to US managers and increasing Europe, Asia and emerging markets.”
Amount (E) Fund
30,000 Insinger de Beaufort Multi-Manager Zeus (hedge fund of funds)
12,800 ABN AMRO Europe Bond (European bonds)
8600 Thames River Global Bond (global fixed inc. - absolute return)
6600 Pimco Total Return (US fixed income)
6000 AXA-Rosenberg US Equity Alpha (US large cap core. Quant driven)
6000 Wellington US Equity Research (US large cap core)
4000 GAM North American Growth (US all cap absolute return long only)
3400 Odey Pan European (top-down Pan-European. Theme driven)
3000 JO Hambro Continental European (Continental European fund)
2400 Thames River Global Emerg. Mkts (equities - global emerg. mkts)
2100 Invesco Perpetual High Income (UK core - income)
1900 Polar Capital Japan (Japan equity - bias to midcap & growth)
1800 Aberdeen Asia Pacific (close as possible to Asia ex. Japan core)
1600 Thames River European (Continental European large cap)
1500 Rodina (global ex-US small/midcap. Long/short, long biased)
1400 Cambrian. (Very focussed US small/mid cap portfolio)
1400 Liontrust First Income (UK core - income)
1300 Henderson Pan European Smaller Companies (pan-Euro small caps)
1200 Henderson Japanese Equity (Japan equity all cap - bias to large cap)
1000 Genus 15 (Continental European focussed long/short)
1000 Cazenove UK Growth & Income (UK top-down; flexible approach)
1000 Legg Mason Japan Equity (Japan small cap)
