Marjolijn Breeuwer

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From Fund Selection 01 September 2006

By PWM Editor

“In the third quarter of last year we started to slowly reduce our allocation to US equities. We are now increasing our holding to North America – while still remaining heavily underweight versus the MSCI World Index – as a measure to reduce risk. We believe this can provide some protection from any continued reduction in global risk appetite. We simultaneously slightly reduced our allocation to Japan, Asia and emerging markets.”

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Marjolijn Breeuwer

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