Marjolijn Breeuwer

Our equity exposure to US managers continues to shrink while Europe, UK, Asia and emerging markets have justified an increase in allocations. We have been looking to further diversify our Asia ex-Japan holdings and therefore added First State Asia Pacific Leaders, run by Angus Tulloch and the First State Asian team. The fund is similar to the successful First State Asia Pacific, which is practically closed to new investors. All team members have been involved in the Asia Pacific markets for substantial. The addition of this team will add value and provide further diversification in the coming period.”