Marjolijn Breeuwer

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From Fund Selection 01 September 2006

By PWM Editor

“We have continued to slightly reduce our exposure to managers of riskier asset categories such as small caps or emerging markets and we are still increasing our holding in North America, while still remaining heavily underweight versus the MSCI World Index. We therefore slightly increased our holdings in Wellington US Equity Research and Axa-Rosenberg US Equity Alpha and reduced our position in Henderson Pan European Small Caps and Thames River Global Emerging Markets.”

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Marjolijn Breeuwer

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